Biden unveiled a new proposal to cancel or reduce student loan debt for as many as 30 million borrowers, just months before the 2024 general election.
The president’s first attempt at unilateral action on student loans was struck down by the Supreme Court in the summer of 2023, yet thehas taken additional steps in the subsequent months. As of Monday, the Biden administration has successfully canceled billions in loan debt for more than 4 million borrowers.
The White House said this new proposal would “provide financial stability” for roughly 70% of all federal student loan borrowers, the bulk of which are black and Latino. Biden’s plan would either fully eliminate or reduce debt for the following categories of borrowers, according to a fact sheet released by the White House:who are otherwise eligible for Biden’s loan forgiveness initiatives but who have not yet appliedBorrowers whose loans were used to enroll in “low-financial-value programs”
The White House claimed Biden’s proposal would fully eliminate accrued interest for 23 million borrowers while totally eliminating remaining balances for 4 million borrowers. An additional 10 million borrowers will see reductions of $5,000 or more.
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