Biden’s New Student Loan Relief Plan Could Benefit Over 30 Million Borrowers

President Joe Biden announces the cancellation of an additional $1.2 billion in student loan debt for about 153,000 borrowers, at an event on February 21, 2024, at the Culver City Julian Dixon Library in California.President Joe Biden is slated to travel to Madison, Wisconsin, on Monday to announce a new student loan relief plan that could benefit over 30 million borrowers.

Borrowers who enrolled in colleges that cheated students, closed, became ineligible to take part in the Federal Student Aid Program or otherwise left them with “low-value credentials” could also see their debt canceled. So could borrowers who entered repayment 20 to 25 years ago, depending on whether they have undergraduate or graduate loans.he would forgive up to $20,000 in student debt

Since then, the Department of Education has searched for ways to offer debt relief via the Higher Education Act’s rulemaking process. If this latest proposal is finalized, it would erase accrued interest for 23 million borrowers and the outstanding balances of over 4 million borrowers. The plan would also relieve at least $5,000 in debt for more than 10 million borrowers.

As the president travels to Madison, home of the University of Wisconsin’s flagship campus, Cardona, Vice President Kamala Harris and Second Gentleman Doug Emhoff will travel to New York City, Philadelphia and Phoenix, respectively, to promote the plan and meet with borrowers who have benefited from the administration’s actions to offset student debt.

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