President Joe Biden has announced a new wave of federal student loan forgiveness, set to provide relief for borrowers who are preparing to resume payments after a three-year pause due to the COVID-19 pandemic. According to a White House official, this latest step will benefit 125,000 borrowers and eliminate $9 billion in debt through existing relief programs. Since taking office, Biden has already overseen the erasure of $127 billion in debt for a total of 3.6 million borrowers.
Despite facing obstacles, such as the conservative majority on the U.S. Supreme Court overturning his original plan, Biden has remained steadfast in his commitment to relieving the burden of student debt. In order to make progress, he has employed multiple strategies, including programs like public service loan forgiveness and the SAVE Plan, which adjusts payments according to borrowers' income.
Education Secretary Miguel Cardona expressed gratitude for Biden's efforts in rectifying the flawed student loan system, stating, "For years, millions of eligible borrowers were unable to access the student debt relief they qualified for, but that's all changed thanks to President Biden and this administration's relentless efforts."
While Republicans have continued to oppose Biden's plans concerning student debt, this announcement arrives as they grapple with internal conflicts within Capitol Hill. The recent vote that removed Rep. Kevin McCarthy as House speaker has left the chamber in a state of disarray.