Biden Announces New Student Loan Forgiveness Plan, Aims to Provide Relief for Millions of Borrowers

President Biden announced new federal student loan forgiveness to tackle "unsustainable debt" for borrowers. This will help 125,000 borrowers by erasing $9 billion in debt.

Since taking office, Biden has wiped out $127 billion in student debt for 3.6 million borrowers through existing programs.

Biden said the Supreme Court overturning his original debt relief plan snatched thousands in relief from millions of Americans.

Biden is relying on programs like the SAVE Plan that tie payments to income to provide relief.

Republicans and Democrats continue debating Biden's plans on student debt forgiveness.