Biden Has Canceled $127 Billion of Student Loans

“More than three million borrowers have had $127 billion of their federal student loans flagged for cancellation, despite a Supreme Court ruling in June that blocked relief for millions more student-loan holders,” the Wall Street Journal reports.

“The high court ruled that the Biden administration couldn’t cancel hundreds of billions of dollars for tens millions of student-loan holders, reasoning that the authority for such a broad-based policy doesn’t exist under the law. While that closed one path, Biden tapped a variety of different tools that no previous president had ever used to this extent.”