Biden Cancels $1.2 Billion in Student Debt for 35,000 More Borrowers

President Joe Biden announced the cancellation of $1.2 billion in student debt for an additional 35,000 individuals. To date, 4.76 million people have benefited from various debt relief initiatives, with an average cancellation amount of over $35,000 per borrower.

On Thursday, U.S. President Joe Biden revealed plans to cancel $1.2 billion in student debt, offering relief to an additional 35,000 borrowers. This move increases the total number of beneficiaries of various debt relief measures to 4.76 million individuals.

In a statement from the White House, it was noted that each borrower has received an average debt cancellation amount exceeding $35,000. This latest development represents a significant push in the administration's ongoing efforts to alleviate the financial burden on student loan holders.

The announcement underscores the Biden administration's commitment to making higher education more affordable and addressing the overarching issue of student debt in the United States.

(With inputs from agencies.)