President Biden recently announced the cancellation of $7.4 billion in student loan debt, aiming to appeal to young voters affected by rising education costs. This move is part of a targeted strategy after a previous ambitious plan was struck down by the Supreme Court. The relief will benefit around 277,000 borrowers, including those enrolled in income-driven repayment plans and public service workers. The administration has already forgiven $153 billion in debt for 4.3 million borrowers. Despite Republican opposition, Biden plans to pursue large-scale debt forgiveness for approximately 30 million people. This new plan, which aims to reduce the debt for 25 million borrowers and completely wipe it away for over four million Americans, will undergo a public comment period and potential legal challenges.