Biden announces $1.2 billion student loan forgiveness plan

LOS ANGELES - President Joe Biden ended his roughly 24-hour trip to Los Angeles Wednesday by announcing a new $1.2 billion plan for student loan debt.

"I’m proud to announce our SAFEPLAN," Biden said. "Starting today, we are canceling debt from borrowers who are enrolled in the SAFEPLAN."

The $1.2 billion plan will automatically cancel federal student loans for nearly 153,000 borrowers as the President ramps up his reelection campaign.  People who are enrolled in the SAVE student loan repayment plan that borrowed $12,000 or less and have paid their loans for 10 years will have their debt canceled.

"Give the people a fighting chance," said Biden.  "A fighting chance to make it.  No one that’s willing to work hard in America should be denied the opportunity."

Los Angeles native Dr. Jessica Saint-Paul introduced President Biden for his speech Wednesday in Culver City.  With undergrad, master’s, and doctoral degrees, she says she racked up more than $144,000 in student loan debt.

"It was all forgiven through public service loan forgiveness," said Saint-Paul. "I knew I could get married, have a family, and also pay my mortgage.  It was a breather.  Felt like I have room now to continue in public service."

RELATED: President Biden discusses student loan forgiveness at Culver City event

"This is the first of hopefully many attempts designed to help young people get out of the financial debt that’s been [hanging on to] them," said Congresswoman Sydney Kamlager-Dove.

Last summer, the U.S. Supreme Court ruled the Biden Administration didn’t have the authority to issue a previous student loan forgiveness plan. That plan would have cost taxpayers $430 billion and would have erased student loan debt completely for about 20 million Americans.

On Wednesday, FOX 11 asked President Biden if he was worried his latest plan would be shut down by the Supreme Court.

"I don’t have a worry at all," responded Biden.

This was Biden’s third visit to Los Angeles in about three months as he focuses on his reelection campaign likely against former President Donald Trump.

"Always amazing to see the President," said L.A. Mayor Karen Bass. "Also, I was able to spend time with him. So, I was able to talk about our issues in Los Angeles."

The 3-day campaign trip continues for President Biden.  He left Los Angeles Wednesday afternoon for more fundraising efforts in San Francisco.