President Joe Biden’s administration said on Wednesday that it will cancel $1.2 billion in student loans for around 153,000 people who are eligible under a program designed to make good on promises to enhance loan forgiveness. After the Supreme Court blocked a bigger plan to forgive $430 billion in student loan debt in June, Biden promised last year to look into additional options for debt relief.
Biden wants to win re-election in November
The administration has now eliminated approximately $138 billion in student debt for roughly 3.9 million Americans through executive measures, according to the White House. The most recent statement applies to anyone involved in a repayment program known as Saving on a Valuable Education (SAVE), which covers those who borrowed $12,000 or less and have been repaying the money for at least 10 years.
The move will “particularly help community college and other borrowers with smaller loans and put many on track to being free of student debt faster than ever before,” the White House said. Left-leaning progressive and young voters, whose support Biden needs to win re-election in November, have been vocal in advocating for student loan forgiveness on a wide scale. Republicans largely oppose such actions.