U.S. President Joe Biden Cancels Student Loans For 1,53,000

President Joe Biden announced Wednesday that his administration was automatically canceling federal student loans for nearly 153,000 borrowers, putting the spotlight on his debt cancellation efforts as he ramps up his reelection campaign. "I'm happy to have been able to forgive these loans because when we realize and relieve Americans of their student debt, they're free to chase their dreams," Biden told an audience in a Culver City library. Biden, who is in the midst of a three-day campaign swing through California, made the announcement as part of a new repayment plan that offers a faster path to forgiveness.