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Education Department Planning for Student Debt Forgiveness

Officials at the Education Department have developed plans to cancel student debt for millions of borrowers, awaiting a final decision from President Biden, as reported by Politico Thursday.

Biden is considering providing $10,000 of debt relief per borrower, a decision he said he will make before the pause on student loan payments ends Aug. 31. The documents did not detail a final plan for debt relief from the Biden administration; however, Politico reported that Education Secretary Miguel Cardona was briefed last week on plans to implement broad-based cancellation by department officials.

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