The Biden administration is canceling $1.2 billion in student debt for about 153,000 borrowers who took out relatively modest student loans and have been repaying it for the last decade or more.

Millions of borrowers currently enrolled in certain income-based repayment plans will have to move to another option within ...

But he emphasized that borrowers with remaining balances still have to resume payments next year. Once borrowers apply, their student-loan company should notify them of their new monthly payments.

According to the White House, 90% of this student loan relief will go to borrowers earning less than $75,000 a year. The number of borrowers impacted in each state, however, will vary ...