Biden administration canceling student loans for another 160,000 borrowers

The Biden administration is canceling student loans for another 160,000 borrowers through a combination of existing programs. The Education Department announced the latest round of cancellation on Wednesday, saying it will erase $7.7 billion in federal student loans. With the latest action, the administration said it has canceled $167 billion for nearly 5 million Americans through several forgiveness programs. The latest relief will go to borrowers in three categories who hit certain milestones that make them eligible for cancellation. The cancellation is moving forward even as President Joe Biden’s SAVE Plan faces legal challenges from Republican-led states.