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Biden administration announces $7.7B in student debt forgiveness

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The Biden administration on Wednesday announced the federal government would forgive $7.7 billion in student loans for more than 160,000 borrowers.

The forgiveness would be made through the U.S. Department of Education's income-driven repayment plans and Public Service Loan Forgiveness program.

"The Biden-Harris administration remains persistent about our efforts to bring student debt relief to millions more across the country," said Education Secretary Miguel Cardona.

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