The Biden administration announced nearly $9 billion in student loan relief Wednesday that will affect about 125,000 borrowers, according to a press release.
The Supreme Court ruled 6-3 in June that the Biden administration could not cancel student loan debt for non-Pell Grant and Pell Grant recipients, and soon after on June 30 the Department of Education (ED) announced plans to expand income-driven repayment plans, which would cut payments for those making $32,800 or less annually to $0, potentially costing American taxpayers hundreds of billions. Now, the Biden administration has announced a new plan that will add $9 billion in student loan relief through additional forgiveness and income-driven-repayment programs, according to an ED press release.
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