Biden Administration Announces $1.2 Billion Student Loan Forgiveness

President Biden’s administration is keeping its promise to explore other options for student debt relief after the Supreme Court rejected a $430 billion forgiveness plan last year.

Early Wednesday, the administration announced that they are canceling another $1.2 billion in student loans for 153,000 eligible individuals.

According to the White House, the administration has now canceled about $138 billion in student debt for nearly 3.9 million.

The White House said the move will “particularly help community colleges and other borrowers with smaller loans and put many on track to being free of student debt faster than ever before.”