Cancels federal student loans for another 153,000 borrowers.
The White House canceled an additional $1.2 billion in student loan debt this week, the cumulative debt of nearly 153,000 people.
President Biden’s administration has been canceling portions of student loan debt in waves over the last year, focusing on particular demographics among those enrolled in federal loan programs. The $1.2 billion canceled this time represents Saving on a Valuable Education (SAVE) plan borrowers who obtained less than $12,000 in loans and who have been repaying those loans for more than 10 years. The White House has now canceled around $138 billion in student debt for nearly 3.9 million borrowers.
“I’ve heard from countless people who have told me that relieving the burden of their student loan debt will allow them to support themselves and their families, buy their first home, start a small business, and move forward with life plans they’ve put on hold,” President Biden stated.
As the Lord Leads, Pray with Us…
- For Secretary Miguel Cardona to receive God’s direction as he heads the Education Department.
- For COO Richard Cordray to be discerning as he oversees Federal Student Aid.
- For the president and his economic advisors as they continue to provide student loan debt relief.
Sources: Reuters, The Hill
