Biden Proposes to Cancel Student Loan Debt for Another 25.6 Million Borrowers

The administration already has discharged $153 billion in student loan debt for 4.3 million people. The new rules would bring the total to 30 million.
Biden Proposes to Cancel Student Loan Debt for Another 25.6 Million Borrowers
President Joe Biden is accompanied by Education Secretary Miguel Cardona (L) at a press conference in the White House on June 30, 2023. Chip Somodevilla/Getty Images
Bill Pan
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President Joe Biden has unveiled the first set of draft rules for his revised plan to cancel hundreds of billions of dollars in federal student loan debt, about a year after the country’s highest court foiled his initial attempt.

Filed on April 16 by the U.S. Department of Education, the draft includes nine proposed rules that would deliver the cancellation that President Biden promised this past week during his campaign trip to the battleground state of Wisconsin.