President Joe Biden is working to clear some $127 billion in student loan debt despite a United States Supreme Court ruling against him for bypassing Congress.
The Wall Street Journal reported that Biden and his administration is working on using a variety of rules and executive branch tools to relieve more than 3 million student borrowers of $127 billion in loans.
The new push by the administration to cancel the $127 billion in debt represents a total of about 30% of Biden's initial plan since taking office in 2021, according to the report. Another $51 billion in forgiveness went to more than 715,000 individuals serving the public, and 850,000 borrowers saved $42 billion from "inaccuracies" in the income-driven repayment program, according to the report.
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