President Biden canceled $7.4 billion in student loan debt on Friday as he tries to shore up support with young voters who are disproportionately affected by soaring education costs, but who may be drifting away over his policy on Israel and the war in Gaza.

The latest round of relief is part of a strategy by the White House to take smaller, targeted actions for certain subsets of borrowers after the Supreme Court struck down a far more ambitious plan to wipe out $400 billion in debt last…