U.S. President Joe Biden plans to announce on Wednesday that his administration has approved an additional $9 billion in student debt relief for 125,000 borrowers, the White House said.
Biden has said he will pursue new measures to provide student loan relief to Americans after the Supreme Court blocked his plan to cancel hundreds of billions of dollars in debt.
The president’s announcement, planned for 1 p.m. EDT at the White House, will bring the total approved debt cancellation by the Biden administration to $127 billion for nearly 3.6 million Americans, the White House said.
Biden’s new SAVE plan is set up so that any interest not covered by your IDR payment is not capitalized. It would probably also be worth your while to look into the forgiveness plans and terms because you might be able to reduce how much you owe based on previous payments.