Photo: Getty Images North America
In the early hours of April 12th, Joe Biden announced another $7.4 billion in student debt "cancellation." This expansion would allow another 277,000 student loan borrowers to avoid repaying their debts.
Despite the Supreme Court ruling earlier this year that the President doesn't have the power to cancel student loans, Joe Biden intends to continue "pursuing every path available to cancel student debt."
The latest expansion focuses on expanding "cancellation" for borrowers enrolled in the SAVE program, as well as other income-driven repayment plans.
This announcement brings the total dollar amount of loans Biden wants to cancel up to a whopping $153 billion. That's money that will have to come from the taxpayers, who are already dealing with nearly $35 trillion in national debt.
The White House said in their press release that Biden will attempt to continue expanding his debt cancellation programs.