Biden Cancels Further $4.28B in Student Loans

In a significant move, the Biden administration has canceled an additional $4.28 billion in student loans, bringing the total debt relief provided under his administration to nearly $180 billion. This latest cancellation affects approximately 55,000 Americans, who will no longer have to worry about repaying these loans. Notably, nearly five million borrowers have been approved for debt relief since the initiative began. The median amount of student loan debt in 2023 ranges from $20,000 to $25,000, and one in four American adults under 40 carries student loan debt. This move is part of the administration's efforts to address the growing burden of student debt in the United States. The cancellation of these loans is expected to provide significant relief to those affected, and it marks another milestone in the administration's efforts to make higher education more accessible and affordable.