10 things you need to know today: July 15, 2023

Biden forgives $39 billion in student loan debt, 'extremely dangerous heatwave’ to scorch parts of US, and more

President Biden and Education Secretary Miguel Cardona.
The Biden administration has announced a plan to forgive $39 billion in student loan debt
(Image credit: Chip Somodevilla/Getty Images)

1. Biden forgives $39 billion in student loan debt

The Biden administration announced Friday that it was forgiving the debt of 800,000 student loan borrowers, totaling an estimated $39 billion in federal student loan forgiveness. In a statement, the U.S. Department of Education said the forgiveness would derive from a loophole "to ensure all borrowers have an accurate count of the number of monthly payments that qualify toward forgiveness under income-driven repayment (IDR) plans." These plans allow borrowers to have their remaining loan balances forgiven after 20 or 25 years of payments, but past payments that "should have moved borrowers closer to forgiveness were not accounted for." The move comes weeks after the Supreme Court struck down President Biden's student loan forgiveness program.

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Justin Klawans, The Week US

 Justin Klawans has worked as a staff writer at The Week since 2022. He began his career covering local news before joining Newsweek as a breaking news reporter, where he wrote about politics, national and global affairs, business, crime, sports, film, television and other Hollywood news. Justin has also freelanced for outlets including Collider and United Press International.