How millions of borrowers got $127B in student loans canceled

PERSONAL FINANCE

The Biden administration has managed to eliminate billions in education debt.

Millions were worried after the Supreme Court rejected the federal debt relief program.

Then, borrowers’ loans were waived through other debt relief programs.

Public Service Loan Forgiveness (PSLF) program was expanded to cover more borrowers.

Income-Driven Repayment Adjustment Debts up to $42 billion were also canceled.

The Biden administration has wiped out loans totaling $127 billion for 3.6 million borrowers.

The Education Department is the largest lender for Americans who borrow for higher education.

Overall, 43 million borrowers currently owe the government $1.6 trillion.

Over 230,000 people had their loans eliminated through a waiver system in 2022.

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