Biden cancels $7.4 bln in student debt for 277,000 borrowers

U.S. President Joe Biden delivers remarks on "student debt relief" during a campaign stop at Central New Mexico Community College (CNM) Student Resource Center in Albuquerque, New Mexico, U.S

The Biden administration will cancel $7.4 billion in student debt for 277,000 borrowers, the White House said in a statement on Friday.

Earlier this month, President Joe Biden announced plans to ease student debt that would benefit at least 23 million Americans, addressing a key issue for young voters whose support he needs as he seeks re-election in November.

Biden, a Democrat, last year pledged to find other avenues for tackling debt relief after the Supreme Court in June blocked his broader plan to cancel $430 billion in student loan debt.