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President Joe Biden\u2019s administration announced that more than 150,000 borrowers will receive $1.2 billion in student loan forgiveness under a program\u00a0unveiled<\/a>\u00a0in January seeking to provide relief for Americans who had been making payments for at least a decade.<\/p>\n The move \u2013 which benefits those enrolled in the government\u2019s Saving on a Valuable Education (SAVE) plan \u2013 wipes out loans for those who borrowed less than $12,000 for their higher education. Other income-driven repayment plans also forgive balances, but only after 20 or 25 years of repayment.<\/p>\n Biden plans to address the college debt relief announcement \u2014 a major 2024 campaign issue for young voters \u2014 during a speech Wednesday in Culver City, California, according to his advisers.\u00a0<\/p>\n \u201cWith today\u2019s announcement, we are once again sending a clear message to borrowers who had low balances: If you\u2019ve been paying for a decade, you\u2019ve done your part, and you deserve relief,\u201d said Education Secretary Miguel Cardona in a statement.<\/p>\n The latest round pushes the total relief approved by the Biden administration to nearly $138 billion, benefiting 3.9 million borrowers. That number could grow as more people become eligible for forgiveness under the SAVE program, which has 6.9 million people enrolled. Administration officials have declined to estimate how many borrowers will eventually see loans forgiven under the program.<\/p>\n Yet the efforts fall short of the president\u2019s proposal for more sweeping student loan cancellation \u2014 as much as $20,000 in relief per borrower \u2013 that was struck down last year by the US Supreme Court. That forgiveness plan was estimated to cost $400 billion.<\/p>\n That disconnect may have eroded support for Biden, particularly among young voters who have also voiced frustration over his administration\u2019s handling of issues including the war between Israel and Hamas militants in the Gaza Strip.<\/p>\n A plurality of Gen-Z voters \u2013 43% \u2014 said Biden was doing\u00a0too little<\/a>\u00a0to address student loans, according to a Bloomberg News \/Morning Consult poll of swing-state voters released in December. Yet 46% of swing-state voters overall said they supported the administration\u2019s student loan forgiveness programs, showing divides over the issue.<\/p>\n The Education Department may further expand loan forgiveness in the coming months, with Cardona telling reporters last week that it was pursuing new rules that could help additional borrowers.<\/p>\n While the administration has not yet revealed specifics of those new proposals, they\u2019re expected to help borrowers facing financial hardship or substantial accrued interest, as well as those with older loans or who went to for-profit college programs with a history of providing little value.<\/p>\n Still, the White House wants to capitalize on the actions Biden has already taken. Borrowers who had their debt forgiven will receive an email from the president letting them know.<\/p>\n<\/div>\n\nSubscribe to the CEO Daily newsletter to get the CEO perspective on the biggest headlines in business. Sign up<\/a> for free.<\/div>\n<\/div>\n