Africa Business News podcast

Biden Cancels $1.2bn in Student Debt

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The Biden administration has announced it is cancelling $1.2bn of student debt for 153,000 American borrowers. The Supreme Court had previously blocked President Joe Biden's plan to cancel student debt for over 40 million Americans. This announcement only applies to those enrolled in a specific repayment plan who meet certain requirements. Those affected will be notified and it will be applied automatically. The announcement from the White House only applies to those enrolled in the voluntary Saving on a Valuable Education repayment plan who have been making payments for at least 10 years and who originally borrowed $12,000 or less for school.

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