The Supreme Court ruled against President Joe Biden's multi-billion dollar student loan forgiveness program in June, but somehow his administration is still canceling the most student debt in history.
A sizable chunk of the forgiveness comes from nearly $42 billion of federal student loans carried by almost 855,000 borrowers enrolled in Income-Driven Repayment plans. The Education Department admitted in a statement on Aug. 14 that the department intended to counteract"past administrative failures."
On Oct. 4, the administration announced an additional $9 billion in student loan debt cancellation, including $5.2 billion for Public Service Loan Forgiveness borrowers and $2.8 billion for IDR borrowers.
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