Overview

• President Biden announced the cancellation of $1.2 billion in federal student debt for 153,000 borrowers, bringing the total to $138 billion for 3.9 million borrowers.
• The Supreme Court blocked Biden's initial $500 billion student-debt-forgiveness scheme, but the administration has pursued alternative paths for debt relief.
• Debt relief efforts include forgiveness for borrowers defrauded by colleges, those with disabilities, and public service workers, among others.
• Critics accuse the administration of bypassing legal rulings and shifting financial burdens onto taxpayers, while supporters argue it provides necessary relief.
• The administration continues to explore additional avenues for debt cancellation, despite potential legal challenges.