U.S. President Joe Biden delivers remarks regarding student loan debt forgiveness in the Roosevelt Room of the White House on Wednesday August 24, 2022.
The Biden administration said on Wednesday that it would forgive $7.7 billion in student loans for more than 160,000 borrowers, its latest effort to reduce the burden of education debt on households.
"The Biden-Harris Administration remains persistent about our efforts to bring student debt relief to millions more across the country," said Education Secretary Miguel Cardona in a statement.
Wednesday's loan forgiveness includes $5.2 billion for 66,900 borrowers pursuing Public Service Loan Forgiveness, and $1.9 billion for 39,200 people enrolled in income-driven repayment plans.
That option leads to student loan forgiveness after 10 years for those who originally borrowed $12,000 or less.
Persons:
Joe Biden, Biden, Harris, Miguel Cardona
Organizations:
White, U.S . Department, Public, Biden, Harris Administration, Valuable Education