President Biden will announce another round of federal student loan forgiveness on Wednesday, as borrowers prepare for repayments to restart after a three-year pause during the COVID-19 pandemic, according to a White House official.
This latest measure will assist 125,000 borrowers by eliminating $9 billion in debt through existing relief programs. Since taking office, Biden has overseen the clearance of $127 billion in debt for 3.6 million borrowers.
The official requested anonymity ahead of the announcement, which Biden is scheduled to make at the White House at 1 p.m. ET.
Biden pledged to alleviate the burden of student debt while running for president, and despite his original plan being overturned by the conservative majority on the U.S. Supreme Court, he has faced pressure to follow through on this promise.
He has utilized various programs to tackle student debt, such as public service loan forgiveness and the SAVE Plan, which reduces payments by linking them to borrowers’ income.
“For years, millions of eligible borrowers were unable to access the student debt relief they qualified for, but that’s all changed thanks to President Biden and this administration’s relentless efforts to fix the broken student loan system,” said Education Secretary Miguel Cardona in a statement.
Republican lawmakers have opposed Biden’s plans on student debt, but the announcement comes as they are preoccupied with internal disputes on Capitol Hill. In a chaotic turn of events, hard-right Republicans forced a vote that ousted Rep. Kevin McCarthy as House speaker.