President Joe Biden’s administration announced Wednesday it would cancel $1.2 billion worth of student loans for about 153,000 people eligible for the program to fulfill a promise to expand loan forgiveness.
Biden pledged last year to find another path to debt relief after the Supreme Court blocked a sweeping plan to forgive $430 billion in student loan debt in June.
The administration has now canceled about $138 billion in student loans for about 3.9 million people through executive action, according to the White House.
The latest announcement is for people enrolled in a repayment program called Save for a Valuable Education (SAVE), which is open to anyone who borrows $12,000 or less and has made repayments for at least 10 years. Become.
The move “particularly helps community college and other small loan borrowers, putting many students on track to get out of their student loans faster than ever before,” the White House said.
Left-leaning progressive voters and young voters, whose support Biden needs to win re-election in November, are calling for widespread student loan forgiveness.
Republicans largely oppose such action.
