President Joe Biden has approved the cancellation of $9 billion in student loan debt for 125,000 people who qualify under existing programs, the White House announced. The move comes as the administration searches for workarounds to tackle the student debt crisis after the U.S. Supreme Court struck down the president’s plan.
The White House said in a statement, “President Biden has long believed that college should be a ticket to the middle class, not a burden that weighs on families.”
On Oct. 1, tens of millions with federal student loan debt resumed making payments, ending a more than three-year pause that started with the Coronavirus pandemic in 2020.
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