The Education Department announces it will automatically forgive student loans for more than 800,000 borrowers, expected to total $39 billion.
The action is a result of what the department calls a “fix” to income-driven repayment plans. It's expected to total $39 billion in federal student loan forgiveness.
Immediately after the ruling, Biden said his administration would explore other avenues for relief. “Today’s decision has closed one path. Now we’re going to pursue another,” he said. Friday's announcement is a smaller step the Biden administration is taking to pursue federal student loan relief with existing authority.
In a letter to Cardona on Friday, GOP Sen. Eric Schmitt of Missouri slammed the department over the move, saying “this action continues this administration’s march to ignore Congress and enact economy-wide change by fiat.”
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