The Education Department announced the latest round of cancellation on Wednesday, saying it will erase $7.7 billion in federal student loans.
With the latest action, the administration said it has canceled $167B for nearly 5M Americans through several forgiveness programsstudent loans With the latest action, the administration said it has canceled $167 billion in student debt for nearly 5 million Americans through several programs.
The cancellation is moving forward even as Biden's SAVE Plan faces legal challenges from Republican-led states. A group of 11 states led by Kansas sued to block the plan in March, followed by seven more led by Missouri in April. In two federal lawsuits, the states say Biden needed to go through Congress for his overhaul of federal repayment plans.
According to the Education Department, 1 in 10 federal student loan borrowers has now been approved for some form of loan relief.
Student Loans Forgiveness Federal Student Loans College Student Loans 14856505
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