The US is forgiving more federal student loans in a bid to tackle ‘unsustainable debt’ for borrowers

By CHRIS MEGERIAN
Associated Press

WASHINGTON (AP) — President Joe Biden has outlined a new round of federal student loan forgiveness. He says it’s intended to address what he calls the “unsustainable debt” that students accumulate to complete their college education. The announcement at the White House on Wednesday comes as borrowers brace for payments to restart after a three-year pause that began during the COVID-19 pandemic. And the Democratic president is trying to fulfill his campaign promises on debt relief as he runs for reelection. The move will help 125,000 borrowers by erasing $9 billion in debt through existing programs. In total, 3.6 million borrowers will have had $127 billion in debt wiped out since Biden took office.