The White House on Friday announced it will cancel another $7.4 billion in student loan debt, the latest in a string of loan forgiveness initiatives as President Joe Biden looks to take on Republican presidential nominee Donald Trump this fall.
“Today, President Biden announced that 277,000 more Americans will get their student debt canceled, bringing the total debt relief approved by the Biden-Harris Administration to $153 billion for 4.3 million Americans through various actions,” the White House said in a Friday statement.
Education undersecretary James Kvaal noted the 277,000 borrowers “have been making payments on their student loans for at least a decade,” adding that “they have paid what they can afford, and they have earned loan forgiveness for the balance of their loan.”
Nearly half of Friday’s forgiveness sum—$3.6 billion—is intended for the 206,800 borrowers who have enrolled in Biden’s income-driven…
