04/08/2024

President Biden Proposes New Student Debt Relief Plan

The plan, if enacted, could help more than 30 million

More than 30 million Americans could see their balances lowered or erased under President Joe Biden's student loan forgiveness rule, the White House said Monday as it released more details of the president's plan to salvage the debt relief program struck down by the Supreme Court last year.

Biden will discuss the specifics of the proposal Monday in Madison, Wis., and how it fits into his broader effort to ease the debt burden since taking office. The administration has approved $146 billion in loan forgiveness for 4 million public servants, defrauded students, disabled borrowers and other groups already entitled to cancellation under existing programs. Republicans have denounced Biden’s loan cancellation as fiscally irresponsible and challenged his authority to wipe away debt.

"President Biden will use every tool available to cancel student loan debt for as many borrowers as possible, no matter how many times Republican elected officials try to stand in his way," said White House press secretary Karine Jean-Pierre to reporters Sunday.

Please select this link to read the complete article from The Washington Post.