Friday’s announcement is just the latest round of student debt cancellation enacted by the Biden administration, which has approved relief for more than 4.3 million people so far, including 216,920 people in Texas.
The new proposal will focus on providing debt relief to those with older loans or loans with large sums of interest; those with high-cost, unavoidable child care or health care expenses; borrowers who are highly likely to default; and others who face “financial hardship.”