Biden approves additional $7.4 billion in student debt relief

by ian

The Biden administration today announced another round of student loan cancellations, wiping out $7.4 billion for 277,000 Americans. It comes as Biden tries to court younger voters as he seeks reelection in November.

The latest round of relief targets those enrolled in Biden’s SAVE plan who borrowed less than $12,000 and have been making payments for 10 years or more. On Monday, Biden announced separate plans he said would affect 23 million Americans. Those plans include canceling up to $20,000 in interest. Budget analysis suggests the plans will cost $84 billion.

Former President Donald Trump has criticized Biden’s debt relief efforts for being done “without a single act of Congress.”