"Biden Announces $1.2 Billion Student Loan Debt Cancellation for Income-Driven Repayment Plan Borrowers"

President Biden has announced the cancellation of $1.2 billion in student loan debt for over 150,000 borrowers on the income-driven repayment plan, bringing the total amount of debt cancellation to $138 billion for nearly 4 million Americans. Eligible borrowers will receive automatic relief without needing to take further action, as part of the administration's efforts to provide student debt relief. The move comes ahead of discussions for broader student debt relief plans and is seen as a strategic political move as Biden seeks reelection.