WASHINGTON (NEXSTAR) – Major news for some student loan borrowers. The Biden administration is cancelling an additional $1.2 billion worth of student loan debt.
The relief is expected to impact thousands of people and President Biden is sending emails to make sure they know whom to thank for it.
President Biden says he is making good on a campaign promise to tackle student loan debt.
“While a college degree is still a ticket to a better life. That ticket is too expensive,” Biden said.
Biden announced 153,000 people will have their entire remaining loans forgiven.
Those people all borrowed $12,000 or less and have been repaying the loans for at least a decade.
“This plan is the most generous retirement program ever. And today we’re doing it even faster and quicker than ever before,” Biden added.
The president made the announcement at a library in Culver City, California saying it’s designed to help those who need it most.
“When we realize and relieve Americans of their student debt, they’re free to chase their dreams,” he said.
Many Republicans on Capitol Hill disagree.
Senator Marsha Blackburn of Tennessee called it “a move that circumvents the Supreme Court’s authority and harms American taxpayers.”
Senator Tom Cotton of Arkansas wrote “there is no such thing as student loan forgiveness. President Biden is simply transferring the debt to make you and your kids pay back student loans that you never took out.”
The White House says so far nearly 4 million people have had their student loans forgiven.
