Student loan borrowers who benefited from President Joe Biden's loan forgiveness continue to find themselves under financial strain as their debt continues to pile up, according to a Wall Street Journal report in its Saturday edition and a July survey.

Biden, who made student loan forgiveness a key campaign promise in 2020, has continued to push ahead with the plan despite a 6-3 U.S. Supreme Court ruling in late June striking down his plan for roughly 40 million Americans. But despite the loan forgiveness, interviews with borrowers whose debt was forgiven report that other debts have piled up and financial stress remains a major factor in their daily lives. According to To the WSJ.

a July Survey A study by Konstantin Yannelis, an associate professor of household finance at the University of Chicago, found that since student loan forgiveness was lifted, borrowers have piled on other forms of debt. (Related article: US national debt reaches $35 trillion for the first time in history)

Borrowers also saw increases in other types of debt, according to Yannelis's study. Auto loans increased by $230, credit card debt increased by $220, and mortgage debt also soared. Despite their student loans being forgiven, these borrowers' credit scores saw little change. Researchers believe this may be because borrowers who received loan forgiveness took out new loans to replace their old ones, the WSJ reported.

For example, Kimberly Acquaviva, a professor at the University of Virginia's School of Nursing, took out about $90,000 in student loans in the 1990s to earn her bachelor's, master's, and doctorate degrees from the University of Pennsylvania. Though debt forgiveness has wiped out her student loans, she and her husband are using their newfound funds to pay off their stepdaughter's student loans and plan to support their son, according to the WSJ.

“It lightened the sandbag on my back a little bit, but it wasn't like, 'Yay, now I can have some fun.' It was like, 'OK, this wasn't the worst case scenario,'” Acquaviva told the outlet. “It's not the quality of my life that has changed, it's the feeling that I have a choice in how I spend my $900 a month.”

The Biden administration has forgiven $1.2 billion in student loan debt for 35,000 public employees through July. Additionally, the administration provided $168.5 billion in relief to 4.76 million student loan borrowers in July. According to To the Ministry of Education.

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