The Biden administration is canceling student loans for another 206,000 borrowers as part of a new repayment plan that offers a faster route to forgiveness. The Education Department announced the latest round of cancellations on Friday. More people are becoming eligible for student loan cancellation as they hit 10 years of payments, a new finish line for some loans that’s a decade sooner than what borrowers faced in the past. Casting a shadow over the cancellations are two new lawsuits challenging whether the Biden administration has authority to speed up cancellation. Two groups of Republican-led states filed federal suits this month arguing that only Congress has that power.