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Published 25 days ago

What to know about Biden's latest attempt at student loan cancellation

  • A new proposal aims to cancel up to $20,000 in interest for borrowers who owe more than originally borrowed. 25 million people could be eligible.
  • The Biden administration plans to release a formal proposal in the coming months to waive student loan debt under the Higher Education Act, leading to potential cancellation as early as fall.
  • Loan cancellation could face legal challenges, with the Supreme Court stating that widespread cancellation must come from Congress. The plan targets borrowers in need.
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