Biden Cancels $7 Billion in Student Debt in Election-Year Push
- President seeks to draw voters to polls with loan relief
- Effort comes days after Biden detailed broader ‘Plan B’
President Joe Biden will forgive $7.4 billion in federal student debt in his latest push to provide relief to borrowers and deliver on a campaign promise to ease the cost of higher education as he seeks reelection.
Approximately 277,000 Americans will have their loans canceled through regulatory changes the Department of Education is making to multiple existing federal programs. The majority of those eligible are enrolled in the government’s income-driven repayment plan, known as SAVE, which pledges to forgive borrowers after at least 10 years of loan repayments.