President Joe Biden unveiled a proposal to cancel or reduce student loan debt for as many as 30 million borrowers just months before the 2024 general election.

The president’s first attempt at unilateral action on student loans was struck down by the Supreme Court in the summer of 2023, yet the White House has taken additional steps in the subsequent months. As of Monday, the Biden administration has successfully canceled billions in loan debt for more than 4 million borrowers.