Although President Joe Biden's plans to cancel up to $400 billion in student debt for tens of millions of Americans were foiled over the summer at the Supreme Court, his administration has explored all of its existing authority to leave people with less education debt.
As a result, more than 3.7 million Americans have received loan cancellation during Biden's time in office, totaling $136.6 billion in aid.
In a recent exclusive interview with CNBC, Rep. James Clyburn, D-S.C., who has been a vocal advocate for student loan borrowers, said he's heard from the U.S. Department of Education that every two months over the next four years, another 75,000 people will be eligible to have their debt forgiven due to changes in income-driven repayment plans and Public Service Loan Forgiveness.
Income-driven repayment plans, which date to 1994, allow student loan borrowers to pay a share of their discretionary income toward their debt each month, and to get any remaining debt forgiven after a set period. There are four different plans.