Biden canceling student debt for more than 277,000 borrowers

President Biden announced Friday he would be canceling student debt of more than 277,000 borrowers.

The administration is forgiving $7.4 billion for borrowers in more than 40 states in the latest debt relief program, bringing the total amount of student loan cancellation over Biden’s presidency to $153 billion.

The latest loan forgiveness initiative is coming through various income-driven repayment (IDR) plans, including the president’s newly established SAVE program.

“From day one of my Administration, I promised to fight to ensure higher education is a ticket to the middle class, not a barrier to opportunity. I will never stop working to cancel student debt – no matter how many times Republican elected officials try to stop us,” Biden said in a statement.

Biden’s loan forgiveness actions have largely targeted public service workers, those on IDR plans, borrowers defrauded by their schools and people with disabilities.

“The administration is tone deaf. There’s no other way to put it,” Rep. Virginia Foxx (R-N.C.), chair of the House Education Committee, said in response to Biden’s Friday announcement.