President Joe Biden once again is trying to deliver widespread student debt forgiveness, with a new plan unveiled on Monday that could help about 30 million borrowers erase some or all of their college loans. The latest attempt at broad debt relief comes less than a year after the Supreme Court blocked Biden's previous attempt to help student borrowers, when the court's June 2023 ruling denied up to $20,000 in forgiveness to roughly 40 million Americans.
Borrowers who also attended colleges that don't provide 'sufficient value,' such as leaving grads without the ability to earn more than a high school grad, would also be eligible for relief. People experiencing hardship in paying back their loans.Borrowers who are experiencing hardship that hampers their ability to repay their loans could also qualify for forgiveness.