Mr. Biden’s new plan would reduce the amount that 25 million borrowers still owe on their undergraduate and graduate loans.
It would wipe away the entire amount for more than four million Americans.
Altogether, White House officials said, 10 million borrowers would see debt relief of $5,000 or more.
“While a college degree still is a ticket to the middle class, that ticket is becoming much too expensive,” Mr. Biden said during a speech to a small but enthusiastic audience filled with supporters.
But it is a promise he has so far failed to achieve, largely because of legal challenges from Republicans and other critics.
They accuse Mr. Biden of unlawfully using his executive authority to enact a costly transfer of wealth from taxpayers who have not taken out federal student loans to those who have.
Officials did not say how much the new plan would cost in coming years, but critics have said it could increase inflation and add to the federal debt by billions of dollars.
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In an attempt to boost his 2020 campaign promise that the Supreme Court had blocked last year, President Biden announced on Monday a massive initiative to assist tens of millions of American borrowers in repaying their federal student loans.
Mr. Under Biden’s new plan, 25 million borrowers would have less remaining debt from their graduate and undergraduate loans. For over four million Americans, the entire amount would be eliminated. Ten million borrowers would receive debt relief of $5,000 or more overall, according to White House officials.
“A college degree is still a ticket to the middle class, but it’s getting much too expensive,” Mr. Biden said in front of a small but fervent group of supporters. “Too many Americans, particularly the youth, are burdened with excessive debt these days. “.
Hey, Mr. The plan was revealed by Biden in Madison, Wisconsin. , the capital of a crucial swing state and a college town that represents the president’s pledge to make affordable higher education a key component of his economic agenda.
However, he has not been able to fulfill this promise thus far, primarily due to legal challenges from Republicans and other opponents. They claim that Mr. Biden has illegally transferred money from taxpayers who have not incurred federal student loan debt to those who have by abusing his executive authority.
Amounts associated with the new plan were not disclosed by officials, but detractors claim it could raise inflation and add billions of dollars to the national debt.
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