In a new memo obtained by CNBC, a top official at the U.S. Department of Education lays out ways to avoid a wave of new defaults by student loan borrowers.

President Joe Biden's Administration canceled more than $183 billion in student debt days from the end of his administration.

The Biden administration announced on Tuesday it will remove Cuba from the state sponsor of terrorism list – a move taken in the twilight of the administration that is likely to reversed by the incoming team.

Cuba on Wednesday began releasing prisoners jailed following anti-government protests in 2021, making good on a deal agreed with the Biden administration this week. Outgoing U.S. President Joe Biden on Tuesday removed Cuba from a blacklist of nations that sponsor terrorism and rolled back a raft of sanctions implemented by Donald Trump during his first presidency that have contributed to the communist-run island's worst economic crisis in decades.

Ahead of President-elect Donald Trump’s inauguration less than a week away, President Joe Biden is set to give his farewell address on Wednesday evening. The speech is expected to focus on his administration's achievements.

In his farewell address, President Biden expressed concerns about the concentration of power among the wealthy and emphasized the need to eliminate dark money from politics. He reflected on his administration's achievements and highlighted the importance of democracy and collective power.