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President Joe Biden’s plan to cancel as much as $20,000 per borrower in college federal student loan debt will help millions burdened by skyrocketing costs of higher education over the past several decades.

In Michigan, 1.4 million residents will benefit from the loan forgiveness program, Gov. Gretchen Whitmer said. As many as half could see their student loan debt halved or eliminated.

Read more at Michigan Advance.