Biden administration to forgive nearly $5B in additional student loan debt
The Biden administration has canceled approximately $132 billion in debt for more than 3.6 million Americans
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The Biden administration on Wednesday announced an additional $4.8 billion in student loan debt relief, affecting more than 80,000 borrowers.
The announcement brings the total approved debt cancelation by the Biden administration to nearly $132 billion for more than 3.6 million Americans.
President Biden speaks at a groundbreaking for an Arcosa Wind Towers Inc. manufacturing facility in Albuquerque, New Mexico, on Aug. 9. (Ramsay de Give/Bloomberg via Getty Images / Getty Images)
AUTO LOAN DEBT SURGING AND SO ARE MISSED PAYMENTS
"Before President Biden took office, it was virtually impossible for eligible borrowers to access the student debt relief they rightfully earned," U.S. Secretary of Education Miguel Cardona said in a statement.
"The data released today once again make clear that the Biden-Harris Administration’s relentless efforts to fix the broken student loan system are paying off in a big way… This level of debt relief is unparalleled and we have no intention of slowing down."
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This is a developing story. Check back for updates.