Biden and the Department of Education have also created the Saving on a Valuable Education, or SAVE, Plan to reduce the amount future borrowers repay drastically. The Penn Wharton Budget Model estimates that the plan will cost $475 billion over 10 years, and 18 states have argued it is illegal in two separate lawsuits.

It has been less than a year since the U.S. Supreme Court blocked President Joe Biden's student loan forgiveness plan.

The analysis is the first to provide a sense of who has benefited from the $153 billion in debt cancellation over the past few years and how that relief has affected them. And it comes as the Biden administration is pitching a debt-relief plan that,

Nearly a million borrowers have received student loan forgiveness under a temporary Biden administration program. But the benefits are about to wind down.