US President Joe Biden announced that he will write off student loans for more than 277 000 borrowers.
This is reported by The Hill.
The administration is forgiving $7.4 billion in student debt for Americans in more than 40 states as part of its latest debt relief program, bringing the total amount of student loan cancellations under the Biden presidency to $153 billion.
As CNN notes, that totals more than 9% of all outstanding federal student loan debt.
Many Republicans have criticized Bidenʼs efforts to write off student loans, arguing that it shifts the cost to taxpayers who choose not to go to college or who have already paid for it themselves.
They also say he is ignoring a Supreme Court ruling that struck down Bidenʼs signature student loan forgiveness program last year.
This program would write off up to $20 000 for borrowers who earn less than $125 000 a year, and would cost the budget, according to estimates, about $400 billion.