By Trevor Hunnicutt and Jeff Mason: Click through for the full post…
President Joe Biden said on Wednesday his administration is cancelling $1.2 billion worth of student loans for nearly 153,000 people who are eligible under a program used to make good on his promises to increase loan forgiveness.
Biden, a Democrat, last year pledged to find other avenues for tackling debt relief after the Supreme Court in June blocked his broader plan to cancel $430 billion in student loan debt.
Left-leaning progressive and young voters, whose support Biden needs to win re-election in November, have been vocal in advocating for student loan forgiveness on a wide scale. Republicans largely oppose such actions.
“While a college degree is a ticket to a better life, that ticket is too expensive,” Biden said during a trip to California that has been focused primarily on fundraising for his re-election campaign.