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What to know about Biden’s new student loan forgiveness plan

 

Higher Education – The Washington Post

Biden proposes new student loan forgiveness plan targeting specific borrower categories, replacing blocked $400 billion relief program. Plan eliminates up to $20,000 accrued interest for borrowers owing more than original loan due to unpaid interest, with income restrictions. White House estimates 25 million beneficiaries, including 23 million with full interest forgiveness. Plan also cancels loans for eligible borrowers in existing forgiveness programs, those repaying undergraduate loans for 20 years, graduate loans for 25 years, and those with high debt from career training programs. Additional relief for borrowers facing hardships like high medical or childcare expenses. Majority of Americans with federally held student loans qualify, including some with privately held federal loans. Plan aims for automatic relief. New plan uses authority from 1965 Higher

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