Biden administration cancels over $9 billion in student loan debt

The Biden administration has approved the cancellation of nearly $5 billion more in federal student loan debt, bringing the total amount of student debt relief provided to $132 billion for over 3.6 million borrowers. Despite the Supreme Court striking down President Biden's signature student loan forgiveness program, the administration has continued to find alternative ways to provide debt relief through existing federal student loan forgiveness programs. Eligible borrowers include those under the Public Service Loan Forgiveness program and those who have made at least 20 years of qualifying payments in an income-driven repayment program. The administration has also been granting student loan forgiveness through these programs on a rolling basis, correcting past administrative errors and expanding debt relief programs temporarily.