President Biden cancels $1 billion in student loan debt

Seventy-two thousand student loan borrowers could breathe a sigh of relief Thursday, after the Department of Education announced they will have the entirety of their debt forgiven.

The move only applies to borrowers whose claims have already been approved under something called borrower defense to repayment, a federal law that allows students to have their loans cancelled if they attended a school that closed suddenly or was proven to take part in illegal or deceptive practices, such as ITT Technical Institute or Corinthian Colleges. The law was bolstered by the Obama administration in 2016.