Biden is canceling $7.4 billion in student debt for 277,000 borrowers. Here's who is eligible.
CBSN
The Biden administration on Friday said it's canceling $7.4 billion in student debt for 277,000 borrowers, with the recipients scheduled to receive emails today to alert them to their loan discharges.
The latest effort extends the debt relief provider under President Joe Biden after the Supreme Court last year blocked his administration's plan for broad-based student loan forgiveness. With the latest batch of loan cancellations, the White House said it has forgiven about $153 billion in debt for 4.3 million student borrowers.
Biden, who had made student loan relief a major campaign pledge, is tackling an issue that affects about 43 million Americans with a combined $1.7 trillion in student debt. It's a burden that some borrowers and their advocates say has harmed their ability to save for a home or achieve financial milestones, an issue that was echoed by Education Secretary Miguel Cardona in a conference call with reporters.
More than 2 million federal employees face a looming deadline: By midnight on Thursday, they must decide whether to accept a "deferred resignation" offer from the Trump administration. If workers accept, according to a White House plan, they would continue getting paid through September but would be excused from reporting for duty. But if they opt to keep their jobs, they could get fired.
More employees of the Environmental Protection Agency were informed Wednesday that their jobs appear in doubt. Senior leadership at the EPA held an all-staff meeting to tell individuals that President Trump's executive order, "Ending Radical and Wasteful Government DEI Programs and Preferencing," which was responsible for the closure of the agency's Diversity, Equity, and Inclusion office, will likely lead to the shuttering of the Office of Environmental Justice and External Civil Rights as well.
In her first hours as attorney general, Pam Bondi issued a broad slate of directives that included a Justice Department review of the prosecutions of President Trump, a reorientation of department work to focus on harsher punishments, actions punishing so-called "sanctuary" cities and an end to diversity initiatives at the department.