Biden Admin Rescinds Trump Policy, Cancels $1 Billion in Federal Student Loan Debt

Biden Admin Rescinds Trump Policy, Cancels $1 Billion in Federal Student Loan Debt
Secretary of Education nominee Miguel Cardona testifies during his confirmation hearing before the Senate Health, Education, Labor and Pensions Committee on Capitol Hill in Washington on Feb. 3, 2021. Susan Walsh/Pool/Getty Images
Bill Pan
Updated:

The U.S. Department of Education said it has scrapped a Trump-era policy in order to fully erase federal student loan debt for borrowers who claim they didn’t receive the kind of college education they were promised.

The change, according to the newly-confirmed Education Secretary Miguel Cardona, is expected to ultimately help approximately 72,000 borrowers receive $1 billion in loan cancellation.