Biden Announces Another Round Of Student Debt Relief

The White House said it will forgive student loans for three categories of borrowers totaling to $7.7 billion.

The Biden administration announced Wednesday a new round of student debt relief.

The White House said it will forgive student loans for three categories of borrowers totaling to $7.7 billion.

Over 160,000 borrowers will be impacted by the new relief including those enrolled in the ‘Public Service Loan Forgiveness Plan’ and certain ‘SAVE’ plans as well as those receiving forgiveness on the ‘Income-Driven Repayment.’

President Biden said that each borrower is set to receive an average of $35,000 in debt cancelation. He added the announcement comes amid “significant progress for student borrowers over the past three years.”

Student loan debt forgiveness was one of Biden’s biggest campaign promises in 2020.