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The White House announced on Friday that the Biden administration has initiated the cancellation of student loans for certain borrowers. President Joe Biden stated, “Today, my Administration approved debt cancellation for another 74,000 student loan borrowers nationwide, surpassing a total of over 3.7 million Americans benefiting from debt cancellation under my Administration through various actions.”

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Among the 74,000 borrowers approved for relief, nearly 44,000 are teachers, nurses, firefighters, and others who earned forgiveness after 10 years of public service, while the remaining 30,000 individuals have been in repayment for at least 20 years. President Biden attributed this relief to fixes made to address issues in student loan programs, ensuring entitled relief under the law.

The recent cancellation brings the total amount under Biden to $136.6 billion, as reported by the Department of Education. This follows last week’s action for student loan borrowers in the Savings on Valuable Education (SAVE) plan, where those with loans under $12,000 and 10 years of repayment will see their remaining debts zeroed out next month.

source: The DMV Daily


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