Biden Cancels Student Loans for 150,000 Borrowers

In a significant last-minute move, President Joe Biden announced the cancellation of $4.2 billion in student loans for 152,000 borrowers, primarily benefiting those in the Public Service Loan Forgiveness program, borrowers defrauded by their schools, and individuals with disabilities. This action contributes to a total of more than 5 million borrowers who have received debt relief under Biden's administration, which has cancelled a record $183.6 billion in student loans. While the administration has faced opposition and legal challenges, particularly regarding broader forgiveness plans rejected by the Supreme Court, it has utilized existing programs to maximize relief. Critics accuse Biden of exploiting loopholes to bypass court rulings, asserting that these cancellations ultimately burden taxpayers. As Biden prepares to hand over the student debt crisis management to President-elect Donald Trump, uncertainty looms over the future of student loan policies. Trump's previous stance against cancellation raises concerns for those still navigating student debt.