Biden canceling student debt for more than 160,000 borrowers [Video]

(The Hill) – President Biden announced Wednesday he would be canceling student debt for more than 160,000 borrowers.

The new plan forgives $7.7 billion for the latest batch of borrowers, bringing the total relief from Biden’s student debt actions to $167 billion for 4.75 million Americans. The latest loan forgiveness initiative comes through various income-driven repayment (IDR) plans, including the president’s newly established SAVE program.

The 160,000 borrowers are people enrolled in the Biden administration’s SAVE Plan, and are public service workers like teachers, nurses, or law enforcement officials, or are borrowers who were approved for relief because of fixes to IDR plans.