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Slashdot: $127 billion in US student loans, or roughly 30% of the planned amount, are now flagged for cancellation


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    The Wall Street Journal reports that more than three million Americans have now had a total of $127 billion in student loans flagged for cancellation. (Which for 3 million would average out to over $40,000 apiece).

    Interestingly, the article notes this happened despite a set back for forgiveness in America's highest court this June: The high court ruled that the Biden administration couldn't cancel hundreds of billions of dollars for tens millions of student-loan holders, reasoning that the authority for such a broad-based policy doesn't exist under the law. While that closed one path, Biden tapped a variety of different tools that no previous president had ever used to this extent. Since taking office in 2021, the Biden administration has arranged to cancel loans equal to around 30% of the total projected cost of its blocked mass cancellation plan.

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