on Monday unveiled new student debt forgiveness plans that, combined with actions the administration has already taken, will benefit over 30 million Americans if the plans are finalized, according to the White House.
"And it's not it's not just a drag on them," he continued. "It's a drag on our local economies when you can't afford to buy a home, start that small business, chase that career that you've been dreaming about for a long time."This marks President Biden's second wave of debt relief attempts, and it was a key campaign pledge in 2020. Though it maintains its ability to strike debt for tens of millions of Americans, the administration suffered a 6-3 U.S.
"But then some of my Republican friends and elected officials and special interest sued us, and the Supreme Court blocked us," Biden said on Monday. "But that didn't stop us ... We continue to find alternative paths to reduce student debt payment that are not challengeable.
Under the latest plans, senior administration officials said about 25 million borrowers will receive relief for their accrued interest , about another two million from forgiveness plans like PSLF, SAVE and others, another roughly two million with loans that are 20+ years old, and more than 10 million borrowers with at least $5,000 in debt relief or more.
"Student loan forgiveness isn't only about the relief for today's borrowers. It's about social mobility, economic prosperity, and creating an America that lives up to its highest ideals," Sec. Cardona said. Monday's plans, however, can't officially take place until "early this fall," according to senior administration officials. The actions will go out for public comment "in the coming months," the officials said.