Biden Chips Away at Student Loan Debt, Bit by Bit, Amid High Expectations

After the Supreme Court struck down President Biden’s plan to cancel billions of dollars in student loan debt, borrowers wondered how he would make good on his promise to tackle debt burdening millions of Americans. The answer: He would do it bit by bit. Mr. Biden on Wednesday canceled $1.2 billion in student loan debt, bringing the total amount that he has wiped out during his time in office to $138 billion for 3.9 million borrowers. It is a far cry from his initial plan, which would have canceled up to $400 billion in debt for about 43 million borrowers. But even Mr. Biden’s critics acknowledge that he has gone further than any of his predecessors in relieving the debt burden for millions of borrowers.