2024-02-22 08:28:52
The US administration announced Wednesday that more than 150,000 borrowers will benefit from $1.2 billion in forgiveness of their student loans as part of a program unveiled in January aimed at providing relief to Americans who were making payments for at least a decade.
This decision cancels the debts of those who borrowed less than $12,000 for their higher education.
The measure brings the total relief approved by the Biden administration to nearly $138 billion, benefiting 3.9 million borrowers.
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The effort comes as Biden faces pressure from civil rights groups, labor unions and borrower advocates to expand the scope of a new student debt relief plan after the previous $400 billion initiative of the president’s dollars has been overturned by the United States Supreme Court.
The measure announced by the administration comes in the middle of the electoral campaign for the presidential elections next November.
Mismanaged federal student loan programs have left some borrowers without help after making payments for 25 years.
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