President Joe Biden outlined a new round of federal student loan forgiveness on Wednesday to address the “unsustainable debt” that borrowers accumulate to complete their college education.
The announcement comes as borrowers brace for payments to restart after a three-year pause that began during the COVID-19 pandemic and Biden tries to fulfill his campaign promises on debt relief as he runs for reelection.
The Democratic president’s latest step will help 125,000 borrowers by erasing $9 billion in debt through existing programs. In total, 3.6 million borrowers will have had $127 billion in debt wiped out since Biden took office.
“We’re not done yet,” Biden said in the Roosevelt Room at the White House.
He pledged to help alleviate the burden of student debt while running for president, and he’s been under pressure to follow through even though his original plan was overturned by the conservative majority on the Supreme Court.