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Sunday, April 26th 2026

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What will Biden’s new plan mean for borrowers set to begin paying back their student loans?

At this point it remains unclear which loan holders will qualify and how much of their debt will be forgiven

Jordan Braithwaite, 21, center, an undergrad at Grambling State University facing over $10,000 in student loans, demonstrates outside the Supreme Court, Friday, June 30, 2023, in Washington. A sharply divided Supreme Court has ruled that the Biden administration overstepped its authority in trying to cancel or reduce student loan debts for millions of Americans. Conservative justices were in the majority in Friday’s 6-3 decision that effectively killed the $400 billion plan that President Joe Biden announced last year. (AP Photo/Jacquelyn Martin)
Jordan Braithwaite, 21, center, an undergrad at Grambling State University facing over $10,000 in student loans, demonstrates outside the Supreme Court, Friday, June 30, 2023, in Washington. A sharply divided Supreme Court has ruled that the Biden administration overstepped its authority in trying to cancel or reduce student loan debts for millions of Americans. Conservative justices were in the majority in Friday’s 6-3 decision that effectively killed the $400 billion plan that President Joe Biden announced last year. (AP Photo/Jacquelyn Martin)
By | The Associated Press and | The Associated Press
PUBLISHED: | UPDATED:
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After the Supreme Court effectively killed President Biden’s student debt forgiveness proposal, he’s trying again using a different legal approach. Biden’s original plan would have canceled up to $20,000 in federal student loans for 43 million people. Of those, 20 million would have had their remaining student debt erased completely.
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