As borrowers have begun repaying their student loans after a three-year pandemic pause, the Biden administration continues to recalibrate its efforts to provide student loan relief after the U.S. Supreme Court struck down its initial proposal. Earlier this week, it unveiled details of its latest plan, which targets four groups of borrowers.

"President Biden and I are committed to helping borrowers who've been failed by our country's broken and unaffordable student loan system," Education Secretary Miguel Cardona said. "These draft proposals would build on the historic $127 billion in loan forgiveness the Biden-Harris administration has already approved for nearly 3.6 million borrowers. We are fighting to ensure that student debt does not stand in the way of opportunity or prevent borrowers from realizing the benefits of their higher education."