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You are here News Politics Biden cancels $1.2B in student loan debt for borrowers on income-driven repayment plan

Biden cancels $1.2B in student loan debt for borrowers on income-driven repayment plan

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Biden cancels $1.2B in student debt

The Biden administration has canceled another $1.2 billion in student debt for more than 150,000 borrowers.

The latest loan forgiveness, announced by the Education Department Wednesday, targets a specific group of longtime borrowers enrolled in the Education Department’s much-touted repayment plan, which adjusts monthly bills based on people’s incomes. It brings the total amount of debt cancellation Biden has approved to $138 billion for nearly 4 million Americans. The news comes just a day before a group of federal negotiators is set to discuss broader plans for even more student debt relief.

Borrowers who qualify for the forgiveness will start to see their debt canceled in the coming days, according to the agency. The White House began sending notices to those borrowers by email on Wednesday. Loan companies will process the relief and won't need

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