Pres. Joe Biden announced on Wednesday another $9 billion in new student-loan relief through improvements to income-driven repayment (IDR) and Public Service Loan Forgiveness - a move that will affect 125,000 Americans.

President Biden's new SAVE plan is an income-driven repayment plan that will cut borrower's monthly payments in half, but it could still face legal attacks as it relies on the Higher Education Act, which governs financial assistance.

Pres. Biden rejected legislation that would have blocked the new DOL rule allowing retirement portfolio managers to weigh climate change and other environmental issues in their investment decisions,

The administration has stopped taking applications for its $10,000 student loan forgiveness plan after a second federal court shut down the program.