"Biden administration cancels student loan debt for over 800,000 borrowers, potential impact on stock market"

The Biden administration has begun canceling student loan debt for 804,000 borrowers who qualify for relief under their income-driven repayment plans. Emails will be sent to borrowers notifying them of the debt forgiveness, with around 614,000 people expected to have their entire student loan debts canceled. The relief aims to address administrative failures that left many borrowers paying beyond their payment end dates without receiving forgiveness. The Department of Education expects the process to be completed within weeks, though potential lawsuits could disrupt the discharges. The debt relief is part of the administration's efforts to fix the broken student loan system, with a total of $116.6 billion in debt relief announced so far.