In a move to alleviate the financial burden on American students, President Joe Biden is set to announce an additional $9 billion in student debt relief.
According to Reuters, this comes after the Supreme Court thwarted his earlier plans to cancel a significant amount of student debt.
The White House revealed that the announcement, scheduled for 1 p.m. EDT, will elevate the total student debt cancellation under the Biden administration to $127 billion, benefiting nearly 3.6 million Americans.
The new relief package is broken down into three major components:
Public Service Loan Forgiveness Programs: An additional $5.2 billion will be allocated for 53,000 borrowers.
Income-Driven Repayment Fixes: Nearly $2.8 billion will be designated for almost 51,000 borrowers who have made payments for 20 years or more but haven't received the relief they were promised.
Debt Relief for Disabled Borrowers: A sum of $1.2 billion will be used to discharge the loans of nearly 22,000 borrowers with disabilities, identified through a data match with the Social Security Administration.
President Biden has reiterated his commitment to providing student loan relief, especially after his previous plans were blocked by the Supreme Court.
This new initiative aims to rectify that, offering a lifeline to thousands of Americans struggling with student debt.
