Why Is Student Loan Forgiveness Happening Now?

Many Americans have been asking for years for the government to cancel student loan debt, but why is it happening now?

A campaign promise is turning into reality. 

"When I campaigned for president, I made a commitment that we provide student debt relief. And I'm honoring that commitment today," said President Joe Biden.  

That is for now. Millions of Americans await the next steps to cancel at least $10,000 in student loan debt, and up to $20,000 for those who qualify. Yet leaders in nearly half the country, all Republican, want President Joe Biden to backtrack on his forgiveness pledge. They argue only a few will see the benefits, with even more feeling the burden.