Biden administration takes historic steps to alleviate student debt and lower prescription drug costs

The Biden administration has announced the cancellation of $72 million in student debt for over 2,300 borrowers who attended Ashford University, an online for-profit school based in San Diego. The relief is being provided through the U.S. Department of Education's borrower defense process, which assists borrowers who were misled or defrauded by their college. The University of Arizona acquired Ashford University in 2020 and will notify eligible borrowers in September. This brings the total amount of student debt canceled by the Biden administration to $116 billion for over 3.4 million people. President Biden's attempt to forgive up to $20,000 of debt for millions of Americans was blocked by the Supreme Court, but he plans to explore alternative methods of reducing student loan balances.