President Biden on Friday canceled nearly $5 billion in student loan debt for 74,000 people, the latest effort by the administration to deliver piecemeal relief after the Supreme Court struck down Mr. Biden’s more ambitious loan cancellation plan last year, the New York Times reported. Most of the people who will benefit from the latest round are teachers, nurses, firefighters and others in public service, who qualify for relief under existing programs that have been plagued by bureaucratic and other problems for years. “My administration is able to deliver relief to these borrowers — and millions more — because of fixes we made to broken student loan programs that were preventing borrowers from getting relief they were entitled to under the law,” Mr. Biden said in a statement. More than 43 million people across the country owe about $1.6 trillion in federal loans for college, according to government data.
