Biden administration cancels another $7.7 billion in student loans

More than 160,000 student loan borrowers are now set to have their balances canceled, bringing the total amount of debt forgiveness authorized under the Biden administration’s policies to $167 billion, it was announced Wednesday. the Ministry of Education.

With the election just months away, President Biden hails his administration’s accomplishments in providing loan forgiveness to nearly 4.8 million people through a combination of existing programs and new policies. Republicans have remained fiercely opposed to the effort, denouncing it as a waste of taxpayer dollars and blatantly unfair to Americans who never went to college.