Biden launches SECOND massive effort to cancel student loans for millions of Americans after the Supreme Court rejected the first

President Biden will reportedly make a second attempt to wipe out a huge amount of student debt for millions of Americans, after his first attempt was blocked by the Supreme Court last year.

The Biden administration has already eliminated $143.6 billion in student loans for nearly four million Americans since the president took office, despite opposition from Republicans.

The Wall Street Journal Biden will outline his latest proposal to cancel student loan debt on Monday during a trip to Madison, Wisconsin, where he will highlight the administration’s efforts to cancel student loans.

The new regulations are expected to be published next week.

Education Ministry officials had no comment on the report.

It comes ahead of the busy general election season, in which the president faces a tough rematch with former President Trump.

Critics have accused the Biden administration of using student loan forgiveness in an election year as a way to woo young voters.

Last June, the Supreme Court blocked the president’s original plan to forgive up to $20,000 in student debt for millions of borrowers making less than $25,000 a year.

But the Biden administration said it was not done with its fight to provide relief to millions of borrowers and began going through the much longer regulatory process to find ways to forgive debt.

The proposed regulation is expected to outline several categories that could make borrowers eligible for forgiveness, the Wall Street Journal reported, including financial hardship or a path for those who have been carrying the debt for decades.

Just months after the Supreme Court blocked Biden’s first student debt plan, the administration also launched the Saving on a Valuable Education, or SAVE, plan.

The SAVE plan is an income boost repayment plan that reduces the amount of time and money some borrowers have to pay before their student loan debt is forgiven.

In February, the government began forgiving billions in debt under the SAVE plan, including $1.2 billion for 153,000 borrowers.

The White House said more than 7.7 million borrowers have signed up for the plan and encouraged millions more to do so.

The Ministry of Education said it would continue to identify borrowers eligible to have their debts forgiven on an ongoing basis.

On March 28, eleven states led by Kansas filed a federal lawsuit in an attempt to block the Biden administration’s student loan forgiveness program. The lawsuit argued that the effort is no different than the president’s first attempt to wipe out student loan debt, which was rejected by the Supreme Court.

Kansas Republican Attorney General Kris Kobach vowed to take the case all the way back to the Supreme Court if necessary.

Along with Kansas, the lawsuit is supported by Alabama, Alaska, Idaho, Iowa, Louisiana, Montana, Nebraska, South Carolina, Texas and Utah.

Republicans are already rejecting the report that Biden will launch a second attempt at mass student loan forgiveness.

“Millions have worked very hard to pay off their student loans. Now Biden is making it worse by letting the same people pay off other people’s student loans,” Trump senior adviser Jason Miller wrote about X. “It’s not fair.”

Last June, the Supreme Court ruled that the Biden administration had exceeded its authority with its plan, which relied on the HEROES Act, a law that authorizes the Secretary of Education to forgive or modify federal student loans due to a national emergency.

The same day it was blocked, Biden said the administration would pursue debt forgiveness through another legal authority in the Higher Education Act of 1965.

More than 43 million Americans have more than $1.6 trillion in federal student debt.