NEW: Student Debt Canceled For These New York State Residents

There is some good news for those who may have been struggling with a pile of student loan debt. President Biden has announced that he is wiping debts out for some residents who qualify.

There is a love-hate relationship with higher education lately. The diploma and the degree is valuable. However, the final bill is tough for some to swallow. Although students and caregivers enter college with the understanding and agreement that they will pay the loans back, still some argue that they shouldn't have to honor them.

No matter your opinion on the student loan debt payments or cancellation, the Federal Government seems dedicated to canceling some of it for some students.

President Biden has announced that billions will go toward paying off debts for some students.

My Administration just approved another $4.8 billion in student debt cancellation for 80,300 Americans because of fixes to Public Service Loan Forgiveness and Income-Driven Repayment plans.

The debate over student loan debt got strength during the COVID-19 pandemic. As people were laid off or let go, and companies were on hiring freezes, former students and graduates found it hard to cover the loan payments. Fast forward to 2023 and the issue is inflation.