Headline RoundupFebruary 21st, 2024

Student Loan Debt Cancelled for Another 153,000 Borrowers

Summary from the AllSides News Team

Roughly 153,000 student loan debtors will have their balances erased as the government fast-tracks forgiveness under its Saving on a Valuable Education (SAVE) plan.

The Details: The move cancels around $1.2 billion in student loan debt for people who have been in repayment for 10 or more years and originally borrowed $12,000 or less. It comes nearly six months ahead of the schedule originally announced by the Education Department.

For Context: Under President Joe Biden, around $138 billion in student debt has been canceled for roughly 3.9 million borrowers. Biden's original plan to cancel roughly $400 billion in student loan debt was rejected by the Supreme Court last year. On Thursday, federal negotiators are scheduled to discuss plans for more student debt forgiveness.

How the Media Covered It: Across the spectrum, headlines often credited the move to Biden personally. CBS News (Lean Left bias) highlighted how qualified borrowers "will receive an email from President Joe Biden today informing them of the forgiveness." The Washington Examiner (Lean Right bias) highlighted "growing dissatisfaction from young voters" after Biden's "failure to extend student loan debt forgiveness to all American borrowers." 

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