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April 12, 2024

Reuters

Biden cancels $7.4 billion in student debt for 277,000 borrowers

The Biden administration will cancel $7.4 billion in student debt for 277,000 borrowers, the White House said on Friday, the latest in a series of debt cancellations. President Joe Biden announced plans on Monday to ease student debt that would benefit at least 23 million Americans, addressing a key issue for young voters whose support he needs as he seeks re-election in November. Those plans include canceling up to $20,000 of accrued and capitalized interest for borrowers, regardless of income, which Biden’s administration estimates would eliminate the entirety of that interest for 23 million borrowers.

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