The latest round of relief reflects a strategy the White House has embraced by taking smaller, targeted actions for subsets of borrowers that it hopes will add up to a significant result, after a larger plan to wipe out more than $400 billion in debt was struck down by the Supreme Court last year.
The administration hopes to forgive some or all loans held by some 30 million borrowers total, with this latest announcement bringing the total forgiven debt to approximately $153 billion so far, benefiting around 4.3 million borrowers.
The new round of cancellations involves three categories of borrowers who qualified under existing programs, with the majority of forgiveness going to around 207,000 people who borrowed relatively small amounts ($12,000 or less) and were enrolled in the income-driven repayment plan, known as SAVE.
#student-loan-cancellations #biden-administration-strategy #debt-relief-plans #education-costs #young-voters-support
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