President Biden on Monday will unveil his second major attempt at large-scale student loan forgiveness with a new set of proposals the administration says could provide debt relief for more than 30 million Americans.
President Joe Biden speaks as Education Secretary Miguel Cardona listens at the White House, June 30, 2023, in Washington. Biden is traveling to Wisconsin on Monday, April 8, 2024, to announce details of a new plan to help millions of …on Monday will unveil his second major attempt at large-scale student loan forgiveness with a new set of proposals the administration says could provide debt relief for more than 30 million Americans.
Borrowers paying down their student loans for decades would get all remaining debt erased under the new plan. Loans used for a borrowers’ undergraduate education would be canceled if they had been in repayment for at least 20 years. Under the plan, borrowers who experienced hardship in their daily lives, preventing them from fully paying back their loans now or in the future would also be eligible for student debt relief.
Mr. Biden is hoping the new debt relief plan will boost his sagging polling numbers ahead of the November election, but it is unclear how quickly the administration can finalize the rules. However, the second plan is expected to again face legal challenges from Republican state attorney generals who will ask the courts to block it.nixed his first student plan in June 2023, Mr. Biden vowed that he would try again using different legal authorities to implement debt forgiveness. That started a lengthy process by the Department of Education to redefine how the federal government can eliminate student debt.
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