Biden Announces $7.4 Billion in New Student Loan Forgiveness

The latest round of student loan cancellations targets 277,000 borrowers, focusing on those enrolled in federal repayment plans.

President Biden has canceled $7.4 billion in student loans, benefiting 277,000 borrowers.
This relief targets participants in the SAVE plan and other income-driven repayment plans.
The Supreme Court previously blocked a broader $400 billion forgiveness plan, leading to this targeted approach.
Critics argue the forgiveness shifts financial burdens to taxpayers, with estimates suggesting a half-trillion dollar impact.
The administration continues to pursue additional forgiveness measures despite legal challenges.