What Illinois borrowers should know about new student loan relief

• Starting in February, those enrolled who took out less than $12,000 in loans and have been paying them back for at least 10 years will get their remaining debt canceled.

Context: Since the U.S. Supreme Court struck down Biden's major student loan forgiveness plan last summer, the administration has found workarounds to give loan relief, Axios' Sareen Habeshian reports.

• The Department of Education says it has wiped out more than $130 billion in debt from 3.6 million borrowers.

What they're saying: Biden says the new relief plan will "help community college borrowers, low-income borrowers and those struggling to repay their loans."

The other side: Some Republicans have argued that the recent moves are too expensive and unfair to others who have already paid back loans.

Be smart: If you fit the requirements, you can still sign up for SAVE, a federal repayment plan that uses a borrower's income and family size to determine monthly payments.

What's next: The Biden administration says it's close to announcing a new student loan forgiveness plan to replace the one the Supreme Court struck down.