President Joe Biden delivers remarks on canceling student debt on February 21, 2024 in Culver City, California.
Mario Tama | Getty Images News | Getty ImagesA more targeted forgiveness programBiden's 2020 campaign promise to erase student debt was thwarted at the Supreme Court last June.
The majority-conservative court ruled that Biden's $400 billion loan cancellation plan was unconstitutional.
Biden had tried to forgive the debt of nearly all 40 million federal student loan borrowers, with many people getting up to $20,000 in cancellation.
The new plan also calls for borrowers to get up to $20,000 of unpaid interest on their federal student debt forgiven, regardless of their income.
Persons:
Joe Biden, Mario Tama, Biden, Luke Herrine
Organizations:
Getty, University of Alabama, CNBC
Locations:
Culver City , California