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President Joe Biden has canceled student debt for a further 277,000 people, bringing the total number of Americans approved for debt relief during his administration to 4.3 million.
The latest debt relief applies to people enrolled in the federal Saving on a Valuable Education Plan (SAVE), or people who were approved for relief because of fixes made to Income-Driven Repayment Plans and Public Service Loan Forgiveness.
In a statement released by the White House, Biden said: “From day one of my administration, I promised to fight to ensure higher education is a ticket to the middle class, not a barrier to opportunity.
“I will never stop working to cancel student debt – no matter how many times Republican elected officials try to stop us.”
It comes after Biden unveiled additional plans earlier this week for student loan forgiveness that could provide relief on federal education debts for 30 million Americans.
It is part of a drive by Biden’s administration to push down the level of collective student debt nationwide, which currently stands at $1.6 trillion, according to data from the Federal National Reserve.
This is a breaking story. More to follow.
Uncommon Knowledge
Newsweek is committed to challenging conventional wisdom and finding connections in the search for common ground.
Newsweek is committed to challenging conventional wisdom and finding connections in the search for common ground.