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The administration in 2022 announced plans to cancel up to US$10,000 in student loan balances for borrowers who earn under $125,000 per year
Under the plan the U.S. Department of Education would forgive some or all student loan debt held by about 40 million borrowers.
An estimated 40 million borrowers could be affected by a pair of cases before the Supreme Court that could block the Biden administration’s plan to cancel student debt.