President Announces $7.4 Billion in Student Debt Cancellation 

The student loan forgiveness applies to those enrolled in SAVE and other Income-Driven Repayment plans, and Public Service Loan Forgiveness.

President Joe Biden’s administration announced another wave of federal student loan forgiveness this week. This round of debt cancellation will benefit roughly 277,000 borrowers and amount to $7.4 billion.

White House Press Secretary Karine Jean-Pierre stated that this additional debt forgiveness brings “the total debt relief approved by the Biden-Harris Administration to $153 billion for 4.3 million Americans through various actions.“

She continued, “This latest round of debt cancellation comes on the heels of President Biden announcing new plans that, if implemented, would cancel student debt for over 30 million Americans when combined with actions the Administration has taken over the last three years.“

As the Lord Leads, Pray with Us…

  • For the president and his economic advisors to seek God’s guidance as they make policy decisions that determine the nation’s financial trajectory.
  • For prudence for Education Secretary Cardona and Federal Student Aid COO Cordray as they collaborate on federal student loan cancellation.

Sources: The White House, Fox Business, Department of Education


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