What's happened
The Biden administration has announced the cancellation of $7.7 billion in student loans for 160,000 borrowers, extending relief efforts through existing programs. The Education Department has also extended the deadline for loan consolidation to facilitate debt relief and paused processing applications for student loan forgiveness.
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What the papers say
According to the New York Times, the Biden administration has canceled $7.7 billion in student loans for 160,000 borrowers, continuing relief efforts through existing programs. Business Insider UK reports that the Education Department has extended the deadline for loan consolidation to facilitate debt relief. The New York Times also highlights the Education Department's pause in processing applications for student loan forgiveness, aiming to improve the efficiency of the forgiveness program.
How we got here
The student loan debt crisis in the United States has been a longstanding issue, with millions of borrowers struggling to repay their loans. The Biden administration has been working to address this challenge through various debt relief programs and initiatives aimed at easing the financial burden on students and graduates.
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