'Today, thanks to my Administration's actions, 804,000 borrowers will start to see their debt canceled,' Biden said on Monday.
,"As I announced in the wake of the Supreme Court's decision on our student debt relief plan, we will continue to pursue an alternative path to deliver student debt relief to as many borrowers as possible as quickly as possible...I promised to fix the student loan system that's failed borrowers for years. Already, we've approved over $116 billion in debt cancellation for 3.
As Biden noted, the U.S. Supreme Court previously struck down his student loan cancellation plan but in response, the president and the Education Department have announced additional efforts to alleviate student loan debt for thousands of borrowers.in place including the Revised Pay As You Earn Repayment Plan , the Pay As You Earn Repayment Plan , the Income-Based Repayment Plan and the Income-Contingent Repayment Plan .
These plans allow for student loan debt forgiveness after 20 or 25 years of qualifying payments and each is mainly based on lowering student debt prices based on a person's income and family size.
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