The administration is canceling student debt for 125,000 Americans. Federal student loan payments began again Oct. 1 following the pandemic era pause.
The Biden administration approved $9 billion in student debt relief Wednesday, just days after payments restarted following a three-year pause sparked by the pandemic.
"President Biden has long believed that college should be a ticket to the middle class, not a burden that weighs on families," the White House said in a statement. The administration also canceled nearly $2.8 billion in debt for nearly 51,000 borrowers who qualified for forgiveness based on past payments but were never provided loan relief.
Education Secretary Miguel Cardona talks to reporters during the daily news conference at the White House on June 30, 2023, as White House press secretary Karine Jean-Pierre stands behind him.With Wednesday's announcement the administration has now approved a total of $127 billion in student debt cancellation for 3.6 million borrowers, according to the White House.
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