Biden Cancels $1 Billion Worth of Student Loan Debt

President Biden has cancelled $1 billion in student loan debt, but who is eligible? The Biden administration will be forgiving student loan debt of individuals whose schools have engaged in misconduct or “misleading” practices. This will apply to approximately 72,000 borrowers. 

Education Secretary Miguel Cardona states, “Borrowers deserve a simplified and fair path to relief when they have been harmed by their institution’s misconduct… A close review of these claims and the associated evidence showed these borrowers have been harmed, and we will grant them a fresh start from their debt.”

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