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Student debt

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

Biden cancels $7.4 bln in student debt for 277,000 borrowers
US President Joe Biden speaks at the Culver City Julian Dixon Library in Culver City, California, USA, 21 February 2024. EPA-EFE/ALLISON DINNER
By Reuters
12 Apr 2024
0

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.

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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