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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Leaning Left1Leaning Right1Center11Last Updated25 days agoBias Distribution85% Center