"Biden's Administration Forgives $1.2 Billion in Student Debt for 150,000 Borrowers"

President Biden has announced the cancellation of an additional $1.2 billion in student loan debt for about 153,000 borrowers, bringing the total amount of student debt canceled by his administration to $138 billion for almost 3.9 million borrowers. This latest round of relief targets those enrolled in the income-driven repayment plan known as SAVE, benefiting borrowers with smaller loans and accelerating loan term changes. The move comes after the Supreme Court blocked a larger plan to cancel $400 billion in student debt for about 43 million borrowers, prompting the White House to utilize smaller programs for targeted debt forgiveness.