Where student-loan forgiveness now stands for millions of borrowers one year after Biden announced his broad debt relief plan

President Biden's student-debt relief plan, which aimed to wipe out up to $20,000 of borrowers' balances, has been struck down by the Supreme Court, prompting the administration to develop a new plan while payments are set to resume soon.

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Relevant topic timeline:

8/24/2023

Here's where the Republican presidential candidates stand on student loan forgiveness

Republicans seeking the 2024 GOP presidential nomination, including former President Donald Trump, oppose President Joe Biden's plan to cancel student debt, with many arguing that it is unfair and burdensome to taxpayers while undermining personal responsibility.

8/27/2023

Biden is still trying to forgive student debt in 'a very direct confrontation' with Supreme Court, expert says

President Biden is taking a bold stance against the Supreme Court by announcing another plan to forgive student debt, directly challenging the court's ruling and framing it as an attempt to usurp democratic action.

8/29/2023

3 Student Loan Forgiveness Updates As Repayment Begins In Days

Advocacy groups and elected officials are urging the Biden administration to implement student loan forgiveness, even after the Supreme Court struck down Biden's debt cancellation plan, and are pushing for the establishment of a new student loan forgiveness plan under the Higher Education Act.

9/8/2023

Biden Administration Announces 12-Month On-Ramp to Student Loan Repayment with Payment Flexibility

As part of President Biden's efforts to make student loans more manageable, the administration has created a 12-month on-ramp to repayment starting in October 2023, allowing borrowers to delay payments without negative consequences, although interest will still accumulate; however, the administration's new SAVE income-driven repayment plan may be a better option for some borrowers.

9/13/2023

Leftover 529 College Savings Can Pay Down $10K in Federal Student Loans

Borrowers with federal student debt can use their remaining funds in a 529 college savings plan to pay off up to $10,000 of their debt, providing a potentially appealing option as student loan bills are set to resume in October.

9/14/2023

House GOP Pushes Bill to Block Biden Student Loan Plan, Calls it 'Wasteful Spending'

House Republicans have advanced legislation to overturn President Joe Biden's new student loan repayment program, which lowers monthly payments and caps interest, while Biden officials promote it as a crucial tool to help Americans manage their federal student loan payments.

9/19/2023

5 Things to Know As Student Loan Payments Resume After Pause

The Biden administration is implementing a 12-month "on ramp" to student loan repayment, protecting borrowers from consequences such as credit reporting and collections, while many student loan servicers are changing and borrowers may need to update their information. Additionally, monthly payment amounts may vary depending on the repayment plan and income-driven options.

9/20/2023

Biden Cancels $37 Million in Student Debt for Over 1,200 Misled University of Phoenix Students

The Biden administration will cancel nearly $37 million in student debt for over 1,200 students who attended the University of Phoenix, as part of the borrower defense program for borrowers who were misled or defrauded by their schools.

9/21/2023

New Student Loan Plan Could Lower Payments for Millions

The Biden administration has introduced a new federal student loan repayment plan called SAVE (Saving on a Valuable Education) that calculates monthly payments based on a borrower's income and family size, and offers forgiveness after 10 years of payments.

9/21/2023

Biden administration to prohibit medical debt from harming credit scores of millions

The Biden administration plans to develop federal rules that would prevent unpaid medical bills from impacting Americans' credit scores, providing relief to the estimated 100 million people burdened by medical debt.