Biden: Education Department won't refer borrowers to credit agencies for 12 months

Now we're going to pursue another. I'm never going to stop fighting for you," Biden said. "We're going to get this done, God willing."

U.S. President Joe Biden on Friday announced new steps to provide relief for student loan borrowers after a U.S. Supreme Court ruling blocked his plan to cancel $430 billion in student loan debt.

Biden told reporters at the White House that the Education Department would not refer borrowers to credit agencies for 12 months, saying he believed the Supreme Court decision "misinterpreted the Constitution."

"Today's decision has closed one path. Now we're going to pursue another. I'm never going to stop fighting for you," Biden said. "We're going to get this done, God willing."