Joe Biden cancels student loan debt for 153,000 borrowers

Joe Biden has cancelled student loan debt for more than 150,000 people (AP Photo/Manuel Balce Ceneta)

US President Joe Biden has announced he is cancelling federal student loans for nearly 153,000 borrowers.

Mr Biden, who is in the midst of a three-day campaign swing through California, made the announcement as part of a new repayment plan that offers a faster path to forgiveness, putting the spotlight on his debt cancellation efforts in his re-election campaign.