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Biden makes another pitch for student loan relief, but challenges loom

 

Higher Education – The Washington Post

Biden plans to forgive student loans for 30+ million Americans, with a component forgiving up to $20,000 in interest for federal borrowers. The plan could benefit 25 million people and take effect this fall. Other aspects will be finalized in months and take effect next summer. The administration has approved $146 billion in loan forgiveness for 4 million public servants, defrauded students, disabled borrowers, and other groups. Critics challenge Biden’s authority to cancel debt and call his efforts fiscally irresponsible. The proposed plan aims to reach those shut out of existing programs and trapped in unaffordable debt. The plan focuses on borrowers owing more than they borrowed due to interest, those paying for 20-25 years, those attending high-de

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