Biden Administration Cancels $138 Billion in Student Debt for Nearly 4 Million Borrowers

The move, part of a broader effort to address the student loan crisis, has been met with both praise and criticism.

President Biden announced the cancellation of $1.2 billion in federal student debt for 153,000 borrowers, bringing the total to $138 billion for 3.9 million borrowers.
The Supreme Court blocked Biden's initial $500 billion student-debt-forgiveness scheme, but the administration has pursued alternative paths for debt relief.
Debt relief efforts include forgiveness for borrowers defrauded by colleges, those with disabilities, and public service workers, among others.
Critics accuse the administration of bypassing legal rulings and shifting financial burdens onto taxpayers, while supporters argue it provides necessary relief.
The administration continues to explore additional avenues for debt cancellation, despite potential legal challenges.