U.S. forgives 40,000 student loans, provides aid to 3.6 million more

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The U.S. Department of Education has canceled student loan debt for 40,000 people

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They offered credits to help another 3.6 million pay off their loans under a plan announced on Tuesday

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In his 2020 presidential campaign, Biden called for canceling $10,000 in student loan debt for each borrower,

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a commitment of more than $400 billion. Since he was elected, the White House has said Congress must take action for wider student loan relief.

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At least 40,000 borrowers will receive immediate debt cancellation under the Public Service Loan Forgiveness (PSLF) Program.

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Student loan debt is seen as a drag on the economy, burdening young professionals for years after graduation

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Some 43.4 million borrowers are carrying about $1.6 trillion in outstanding student loans from the Federal Loan Portfolio

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Some 43.4 million borrowers are carrying about $1.6 trillion in outstanding student loans from the Federal Loan Portfolio

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