"Biden Administration Forgives $7.4 Billion in Student Loan Debt, Eligibility Criteria Explained"

The Biden administration has announced an additional $7.4 billion in student loan cancellations for 277,000 borrowers, as part of a targeted approach to provide debt relief for specific subsets of borrowers. This latest round of relief brings the total to $153 billion in debt forgiven, touching around 4.3 million borrowers so far, with the administration aiming to forgive some or all loans held by 30 million borrowers in total. The move reflects the administration's strategy to address soaring education costs and shore up support with young voters, following the Supreme Court's rejection of a larger plan to wipe out over $400 billion in debt last year.