Biden cancels $9 BILLION in student loan debt with order targeting relief for people in public service or with low incomes and the disabled

President Joe Biden has forgiven another $9 billion in student loans, providing relief to 125,000 borrowers.

The move came as borrowers prepare for payments to restartafter a three-year hiatus that began during the COVID-19 pandemic.

“Americans saddled with unsustainable debt in exchange for a college degree has become the norm,” Biden said in a speech at the White House.

He argued that canceling student debt is good for the economy because borrowers will spend their payment money on other things.

“This kind of relief is life-changing for individuals and their families. But it is also good for our economy as a whole. Freeing millions of Americans from the crushing burden of student debt means they can get their lives in order. They can think about buying a house. They can start a business. They can start a family. This is important. This is important for their daily lives,” the president said.

In total, 3.6 million borrowers will have had $127 billion in debt wiped out since Biden took office.

“My administration will continue to use every tool at our disposal to ease the burden of student debt so that more Americans are free to achieve their dreams. It’s good for our economy. It’s good for our country. And it will change their lives,” he said.

Federal student loan payments resumed on October 1.

In June, the Supreme Court canceled Biden’s student loan forgiveness program, which promised up to $20,000 in debt relief for low- and middle-income borrowers. The government has continued to find other ways to provide debt relief.

In the aftermath, Biden said he would pursue new measures to provide student loan relief.

He relies on a patchwork of different programs to eliminate debt, such as government loan forgiveness and the SAVE Plan, which lowers payments by tying them to borrowers’ incomes.

According to a White House fact sheet, the new measures include:

• $5.2 billion for 53,000 borrowers working in the public sector
• Nearly $2.8 billion in new debt relief from the forgiveness is available to 51,000 borrowers enrolled in income-driven repayment plans
• And $1.2 billion for nearly 22,000 borrowers with disabilities

Biden’s plan could appeal to young voters as the country heads into the 2024 presidential election.

A Reuters/Ipsos poll in April found that 47% of Americans supported Biden’s call for student debt cancellation.

Republicans have spoken out against the plan, arguing it is unfair to Americans who have paid off their higher education.