Student Loan Update: Biden Cancels $7.7 Billion of Debt

President Joe Biden announced on Wednesday that he is canceling some $7.7 billion in student debt for another 160,000 borrowers.

The latest relief will go to borrowers in three categories: almost 67,000 borrowers who are eligible for debt cancellation through the Public Service Loan Forgiveness program, approximately 54,000 who are enrolled in a new income-driven repayment plan, and 39,200 enrolled in earlier income-driven plans.

The administration has been announcing new rounds of forgiveness as more people qualify under those categories.

"From day one of my administration, I promised to fight to ensure higher...