Biden announces another round of student loan forgiveness

by ian


The White House has announced a new round of student debt relief as the administration tries to work around the Supreme Court. Yesterday, the White House said it was canceling $1.2 billion worth of loans – relieving debt for over 150,000 people.

Last year, the Supreme Court shot down Biden’s attempt to cancel a whopping $430 billion in loans as emergency relief for the COVID-19 pandemic. At the time, the court ruled that the move lacked congressional approval.

Since then, the White House has sought to forgive debt through other means, canceling $138 billion with various executive actions.

The latest announcement applies to those enrolled in the Saving on a Valuable Education or SAVE program. It covers those who borrowed under $12,000 and who’ve been making payments for at least 10 years.