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Student debt

Biden cancels $7.4 bln in student debt for 277,000 borrowers

April 12 (Reuters) - The Biden administration will cancel $7.4 billion in student debt for 277,000 borrowers, the White House said in a statement on Friday.
US President Joe Biden in Los Angeles US President Joe Biden speaks at the Culver City Julian Dixon Library in Culver City, California, USA, 21 February 2024. EPA-EFE/ALLISON DINNER

Earlier this month, President Joe Biden announced plans to ease student debt that would benefit at least 23 million Americans, addressing a key issue for young voters whose support he needs as he seeks re-election in November.

Biden, a Democrat, last year pledged to find other avenues for tackling debt relief after the Supreme Court in June blocked his broader plan to cancel $430 billion in student loan debt.

(Reporting by Gursimran Kaur in BengaluruEditing by Peter Graff and Sharon Singleton)

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