On Friday, President Joe Bidens administration announced its latest student debt relief effort, authorizing $7.4 billion in student loan debt forgiveness for 277,000 borrowers.
This latest round of debt forgiveness takes place under Bidens Saving on a Valuable Education (SAVE) program, which ties monthly student loan payments and debt forgiveness to income and family size.
The president had initially floated forgiving $10,000 in student loan debt for most federal borrowers but was forced to pivot to more indirect action after backlash from Republicans, who continue to attempt to undermine the administrations efforts. The SAVE program is the Biden administrations answer to a 2023 Supreme Court decision that killed its first attempt to …
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