More than 80,000 borrowers will receive nearly $5 billion in student-loan cancellation, the Department of Education announced Wednesday.
The 80,300 borrowers who are part of this announcement are public servants who have been in repayment on their loans for at least 10 years and borrowers in any field who have been repaying their debt for at least 20 years.
“From Day One of my Administration, I vowed to improve the student loan system so that a higher education provides Americans with opportunity and prosperity – not unmanageable burdens of student loan debt,” President Joe Biden said in a statement announcing the relief. “I won’t back down from using every tool at our disposal to get student loan borrowers the relief they need to reach their dreams.”
The cancellation announced Wednesday is separate from the mass plan for student-debt forgiveness the Biden administration has been pursuing for nearly two years. The initial version of the plan, which would have canceled up to $20,000 in student debt for a wide swath of borrowers, was struck down by the Supreme Court in June. Officials are in the process of taking another stab…
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