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July 17, 2023

Biden Administration to Cancel $39 Billion in Student Debt for 800,000+ Borrowers
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The Education Department said Friday it is canceling $39 billion in
federal student debt for over 800,000 borrowers. The plan will benefit
those enrolled in income-driven repayment plans who would or should have
qualified for relief after making monthly payments for 20 or 25 years,
but did not because of oversight, errors or shortcuts taken by loan
servicers. The move, which has been in the works for at least the past
year, comes two weeks after the Supreme Court struck down President
Biden's student debt plan that would have eliminated $400 billion in
student loans for some 40 million people.


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