Biden Cancels $4.8 Billion in Student Loans, Faces Lawsuits Over New Repayment Plan
• Biden administration announces another 206,000 borrowers will have student loans canceled under new repayment plan, totaling $4.8 billion so far
• New "SAVE Plan" offers more generous terms than past income-based repayment plans, including loan cancellation after 10 years for borrowers with smaller balances
• Over 8 million Americans have enrolled in SAVE Plan, with 4.5 million paying nothing due to lower incomes
• Two Republican-led lawsuits challenge legality of SAVE Plan, arguing it exceeds Biden's authority and undermines other programs
• Additional 65,000 borrowers had loans canceled through older repayment plans and Public Service Loan Forgiveness program, bringing total relief under Biden to 4.3 million borrowers and $153 billion