The Education Department announced the latest round of cancellation on Wednesday, saying it will erase $7.7 billion in federal student loans.

The Biden administration is canceling student loans for another 160,000 borrowers through a combination of existing programs.

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 $167 billion in student debt for nearly 5 million Americans through several programs.

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The latest relief will go to borrowers in three categories who hit certain milestones that make them eligible for cancellation. It will go to 54,000 borrowers who are enrolled in Biden’s new income-driven repayment plan, along with 39,000 enrolled in earlier income-driven plans, and about 67,000 who are eligible through the Public Service Loan Forgiveness program.

  • NoSuchAgency@reddthat.comEnglish
    8·
    6 months ago

    Awesome, so everyone who couldn’t afford to go to college now has to pay for the people who went to college making more money than the person paying off their debt. Yeah, that seems legit.

    • Beetlejuice001@lemmy.wtf
      40·
      6 months ago

      Did you hear how much was spent on the Iraq war? Maybe the 2008 debt crises? Maybe the PPP loan forgiveness? Surely you’ve heard of one that dwarfed those in comparison. Obvious troll is obvious

      • NoSuchAgency@reddthat.comEnglish
        1·
        6 months ago

        Yeah, so what that there’s been more money spent on other things. That has nothing to do with this. Why does that make it okay to take money from people who couldn’t afford to go to college and give it to people that went to college that have a higher income than the person they took it from?

        • Beetlejuice001@lemmy.wtf
          1·
          6 months ago

          You’re right , Its almost as if college should be free, along with healthcare and many others. Perhaps the rich should pay for it similar to other first world countries.

          • NoSuchAgency@reddthat.comEnglish
            1·
            6 months ago

            I don’t see why colleges aren’t forced to lower their tuition costs. They already get billions in taxpayer money every year. Imo, to take even more taxpayer money to pay off student loans is just theft.