Despite suffering a decisive defeat at the Supreme Court last year, the Biden administration is making a second attempt at sweeping, automatic student loan forgiveness. These new efforts are less ambitious than the previous attempt but still might cost taxpayers billions if enacted.
Student loan forgiveness has long been key to President Joe Biden's education policy. In August 2022, the Education Department unveiled a plan for broad loan forgiveness, seeking to discharge up to $20,000 in federal student loans for individual borrowers earning less than $125,000 and couples earning less than $250,000 annually.
