On Wednesday, the Biden Administration announced $1.2 billion in additional student loan forgiveness for more than 150,000 borrowers. This particular round of forgiveness was previously announced last month, though the exact cost of the debt relief was not previously known.
"The Biden-Harris Administration has now approved nearly $138 billion in student debt cancellation for almost 3.9 million borrowers through more than two dozen executive actions," a Wednesday press release stated. "From Day One of his Administration, President Biden vowed to fix the student loan system and make sure higher education is a pathway to the middle class—not a barrier to opportunity."
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