Washington, D.C. — Today, the Biden administration announced $7.4 billion in debt relief, meaning about 4.3 million—or 1 in 10—borrowers have had their student debts canceled to date. The administration has consistently taken bold action to alleviate the burden of student loan debt for borrowers across the country. Earlier this week, the Biden administration announced a new student loan relief plan that would address ballooning interest and cancel student debts for tens of millions more borrowers. Following today’s announcement, Jared Bass, senior vice president for Education at the Center for American Progress, issued the following statement:
The Biden administration has consistently proven its dedication to improving the economic futures of student loan borrowers. These historic actions have already delivered relief to 1 in 10 borrowers, and the future plans announced earlier this week will, if implemented, change countless lives across the country.
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