Rebecca Shabad is a politics reporter for NBC News based in Washington.
WASHINGTON — President Joe Biden announced Friday that his administration is canceling $7.4 billion in student loans for 277,000 borrowers. The White House said the latest round of relief helps borrowers enrolled in the Saving on a Valuable Education repayment plan as well as those in Income-Driven Repayment or Public Service Loan Forgiveness plans.
' Biden said that since taking office in 2021, he has 'promised to fight to ensure higher education is a ticket to the middle class, not a barrier to opportunity.' 'I will never stop working to cancel student debt — no matter how many times Republican elected officials try to stop us,' he said.
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