Federal student loans for nearly 153,000 borrowers are being automatically canceled, Biden says

President Joe Biden says his administration is automatically canceling federal student loans for nearly 153,000 borrowers. He's putting the spotlight on his debt cancellation efforts as he ramps up his reelection campaign. The announcement Wednesday during a three-day campaign swing through California is part of a new repayment plan that offers a faster path to forgiveness. The administration began sending email notifications on Wednesday to some of the borrowers who will benefit. The cancellations were originally scheduled to start in July, but last month the administration said it would be ready almost six months ahead of schedule, in February.