Biden cancels another $1.2 billion in student loan debt

 In a move aimed at easing the burden on struggling borrowers, President Joe Biden announced the cancellation of $1.2 billion in student loan debt last Wednesday. This action brings the total amount of debt relieved during his tenure to a staggering $138 billion, benefiting 3.9 million borrowers across the nation.
 
The latest announcement targets approximately 150,000 borrowers enrolled in the SAVE plan in income-driven repayment program. These individuals, characterized by lower balances and a decade of consistent payments, stand to benefit significantly from this relief measure.  Approximately 13,000 Floridians could receive debt relief under the program.
 
President Biden's ambitious agenda to alleviate student debt has encountered obstacles along the way. Despite initial plans to cancel up to $400 billion in debt for approximately 43 million borrowers, the administration faced staunch opposition from both the Supreme Court and Republican lawmakers in Congress. 

Undeterred, President Biden has pivoted to a more incremental approach, navigating around legal barriers and bureaucratic hurdles by refining existing programs plagued by administrative delays. By targeting specific cohorts of borrowers and leveraging income-driven repayment structures, President Biden aims to provide relief where it's most needed while circumventing legal constraints.
 
Despite these efforts, the broader issue of student loan debt remains a contentious topic on the national stage. While some applaud the administration's measures as a step in the right direction, others advocate for more comprehensive solutions to address the systemic challenges faced by millions of Americans burdened by student debt, and Republicans in Congress continue to push back against it saying the efforts provide wasteful subsidies to millions of borrowers at taxpayers’ expense.