Biden administration cancels $7.7 billion in student debt for 160,500 people. Here's who qualifies.
CBSN
The White House on Wednesday said it has approved $7.7 billion of student debt cancellation for 160,500 borrowers, part of its ongoing effort to provide relief after the Supreme Court last year blocked President Joe Biden's plan for broad-based college loan forgiveness.
With the latest round of forgiveness, the administration has erased a total of $167 billion in student loans for 4.75 million people, or about 1 in 10 student loan borrowers, the Department of Education said.
The people who qualify for forgiveness in the latest round of debt cancellation include public servants such as teachers and law enforcement officers, as well as tens of thousands of people who have signed up for Biden's new loan repayment program, called SAVE. That program, created last year, pegs a borrower's monthly payment to their income, lowering their financial payments, and is designed to fix a pitfall of earlier repayment programs that allowed interest to snowball.
