According to a Fox Business report, the Biden Administration announced Friday morning that it would be forgiving another round of student debt via $7.4 billion dollars in handouts.

The handouts will affect an estimated 277,000 borrowers across the country.

“These 277,000 borrowers are enrolled in my administration’s SAVE Plan, or were approved for relief because of fixes we made to Income-Driven Repayment Plans and Public Service Loan Forgiveness,” Biden said in a news release. “From day one of my administration, I promised to fight to ensure higher education is a ticket to the middle class, not a barrier to opportunity.”

“Republican elected officials across 18 states want to prevent their own constituents from benefiting from the SAVE plan,” White House Press Secretary Karine Jean-Pierre said. “They want to end SAVE and make their constituents’ monthly payments go up and keep them under mountains of loan debt with no end in sight.”

“The president will continue fighting to give people more breathing room and using every tool at his disposal to help borrowers.”

The Biden Administration has now canceled more than $54 billion in debt for 1.4 million borrowers enrolled in programs similar to the SAVE plan — but taxpayers ultimately bear the burden.

This story is developing…

BREAKING: White House announces $7.4B student debt cancellation to give ‘breathing room,’ takes dig at House GOP https://t.co/nyHJt2txVm

— Fox News (@FoxNews) April 12, 2024