The Biden administration is proposing a sweeping initiative to slash student debt for nearly 30 million Americans, a plan likely to face legal challenges from Republicans who helped kill an earlier White House attempt at large-scale loan cancellation.

President Joe Biden will announce on Monday a new, sweeping student loan forgiveness plan, which could benefit tens of millions of Americans.

Biden will share the details of the aid package at an event in Madison, Wisconsin.

The news comes less than a year after the Supreme Court rejected his first attempt to cancel up to $20,000 in student debt per borrower. The conservative justices ruled that that effort was unconstitutional in June.

Eleven states filed a lawsuit this week against President Joe Biden's recent $156 billion student debt forgiveness plan, stemming from last year's rejection of the president's reprieve pitch.

When Americans head to the polls in November, President Joe Biden will have had a direct effect on the household finances of about 4 million of them: He canceled their student loan debt.

More student debt has been forgiven under Biden than any previous administration – but after his signature debt relief program hit a major legal roadblock last year, his historic efforts may fall short of some voters’ expectations.

A fresh lawsuit revives an old challenge for President Joe Biden — delivering on his 2020 campaign pledge to forgive student loans.

Biden announced in 2022 that he’d “cancel” $10,000 of federal student debt per borrower, only to see his plan ruled illegal by the Supreme Court. He has since announced another $144 billion in student debt writeoffs and created a program to lower future payments, but he was slapped with a new lawsuit by a coalition of Republican-led states on Thursday.

On Thursday, the Biden administration announced a new plan to enact large-scale student loan forgiveness, this time by targeting borrowers experiencing financial "hardship." 

The Biden administration announced Friday it’s canceling approximately $5 billion in student debt relief, largely for public servants, the latest incremental step the White House has taken on student loan forgiveness, even though its more ambitious student loan relief program was thwarted by the Supreme Court.

The administration approved debt relief for approximately 74,000 borrowers, the White House said Friday.

Americans saddled with student debt are boycotting their repayments to increase election-year pressure on President Biden to keep his promise of more loan forgiveness.

Since the federal government stopped a three-year “pandemic pause” on student loan repayments in October, only 40% of borrowers have paid all their monthly obligations. Meanwhile, 35% have made some payments and 25% haven’t made any, an Intelligent.com survey found.

More than six months after the U.S. Supreme Court struck down President Joe Biden’s ambitious program to erase $430 billion in student loan debt, the White House has been rolling out smaller, more targeted relief programs that it says have now canceled $132 billion in debt for more than 3.6 million Americans.

The Biden administration announced Friday it would forgive $4.9 billion in student debt for 73,600 borrowers.

The relief is a result of the U.S. Department of Education’s fixes to its income-driven repayment plans and Public Service Loan Forgiveness program.