President Biden’s Department of Education announced Friday it would cancel $39B in federal student loans for more than 800,000 borrowers within the next month.
President Biden’s Department of Education announced Friday it would cancel $39 billion in federal student loans for more than 800,000 borrowers within the next month.
In a statement, Education Secretary Miguel Cardona called the move a “historic step,” but Republicans were livid.
“For far too long, borrowers fell through the cracks of a broken system that failed to keep accurate track of their progress towards forgiveness,” Cardona said.
“Today, the Biden-Harris Administration is taking another historic step to right these wrongs and announcing $39 billion in debt relief for another 804,000 borrowers.”
“By fixing past administrative failures, we are ensuring everyone gets the forgiveness they deserve, just as we have done for public servants, students who were cheated by their colleges, and borrowers with permanent disabilities, including veterans,” Cardona added about the new plan.
