President Joe Biden will announce on Monday the details of his revised student loan forgiveness plan. Tens of millions of borrowers stand to benefit.
President Joe Biden will announce on Monday the details of his revised student loan forgiveness plan.
Feeling out of the loop? We'll catch you up on the Chicago news you need to know. Sign up for the weeklyfor student loan forgiveness will be narrower than his initial effort, tens of millions of borrowers may still see their balances erased or lowered if the program survives legal challenges this time.
The president is also expected to discuss a plan to"cancel runaway interest" for millions of borrowers., which can make it tough for borrowers who fall behind or are on certain payment plans to reduce their balances. Some end up owing more than they originally borrowed, even after years of repayment.
The Heroes Act was passed in the aftermath of the 9/11 terrorist attacks, and grants the president broad power to revise student loan programs during national emergencies. The Biden administration tried to use this law in its first forgiveness effort because at the time, the country was under a national emergency status from the Covid-19 pandemic.
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