Biden Administration Announces $74 Billion in Additional Student Loan Cancellations
Millions of Borrowers Eligible for Relief
Millions of Americans will benefit from the Biden administration's latest round of student loan cancellations.
On Friday, the Biden administration announced an additional $74 billion in student loan cancellations for some 277,000 borrowers. This builds on plans announced earlier this week to cancel $58 billion in student loan debt for 777,000 borrowers. In total, an estimated 2 million people will be eligible for this relief. All debt will be canceled for borrowers who have been repaying undergraduate loans for 20 years or more or 25 years. This includes borrowers who have already repaid their loans in full. Additionally, the Biden administration is automatically discharging $12 billion in loans for nearly 153,000 borrowers who are eligible for the shortened repayment period under the Public Service Loan Forgiveness (PSLF) program. These actions are part of the Biden administration's broader efforts to address the student loan crisis. The administration has already taken steps to make it easier for borrowers to repay their loans and to forgive loans for those who have been defrauded by their schools. The administration is also working to make college more affordable by increasing Pell Grants and making it easier for students to refinance their loans. 
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