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US President Biden's administration cancels $1.2bn in federal student loans.
US President Joe Biden has announced that his administration will cancel $1.2bn in federal student loans for approximately 153,000 borrowers.
This is part of the Biden administration's Saving on a Valuable Education (SAVE) plan, which aims to accelerate the process of giving borrowers relief from their student loans more quickly.
To qualify for this latest debt cancellation plan, a borrower must have enrolled in the SAVE plan, have been repaying their loan for at least a decade, and borrowed less than $12,000.
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La administración del presidente estadounidense Biden cancela 1.200 millones de dólares en préstamos federales para estudiantes.