Biden cancels another $1.2bn in student debt

More than 150,000 Americans will have their federal student debts worth approximately $1.2bn forgiven thanks to a new move by the Biden administration.

Individuals whose debts have been forgiven should have received an email informing them on Wednesday, according to the White House.

“From day one of my Administration, I vowed to fix student loan programs so higher education can be a ticket to the middle class—not a barrier to opportunity,” Joe Biden said in a statement.

In total, the Biden administration has forgiven approximately $138bn in student debt, accounting for nearly 3.9 million borrowers.

On Wednesday, Mr Biden praised the plan, noting that debt relief paves the way for Americans to start businesses and buy homes, calling his SAVE plan the “most affordable repayment plan ever.”

He said 7.5 million Americans have already enrolled in the plan.

“This is the kind of relief that can be life-changing for individuals,” Mr Biden said during a press conference.

Both waves of debt forgiveness have been the result of executive actions enacted by the president.

A White House message announcing the debt cancellation also included an indictment of Republicans in Congress who have worked to thwart the debt relief.

«While Republicans in Congress and their allies try to block President Biden every step of the way, the Biden-Harris Administration continues to cancel student debt for millions of borrowers, and is leaving no stone unturned in the fight to give more borrowers breathing room on their student loans,» the White House said in its statement.

Republicans attempted to block the SAVE plan in Congress, but a 49-50 vote defeated their attempts to stop the loan forgiveness program.

The majority of the debts forgiven