Biden Cancels $9 Billion in Student Loans, Bringing Total Relief to $127 Billion for 3.6 Million Borrowers

President Joe Biden canceled $9 billion in student loan debt, giving relief to 125,000 borrowers.

The move came as borrowers prepare for payments to restart after a three-year pause during the pandemic.

In total, 3.6 million borrowers have had $127 billion in debt wiped out under Biden.

The new measures include relief for borrowers in public service, income-driven plans, and those with disabilities.

Biden said canceling student debt is good for the economy as borrowers can spend money elsewhere.