President Biden announced the cancellation Wednesday of $1.2 billion in student loan debt for more than 150,000 borrowers, saying the relief will allow them to buy homes, start families and otherwise benefit the economy.
“Folks, I’m happy to have been able to forgive these loans because when we ... relieve Americans of student debt, they are free to chase their dreams,” he told dozens of supporters at the Culver City Julian Dixon Library.
Biden tried to enact a far broader plan but was blocked by the Supreme Court. So he has used executive actions to cancel student debt totaling $138 billion for nearly 3.9 million people, according to the White House.
Read more at the Los Angeles Times.