President Biden announced a revised plan for federal student loan forgiveness, targeting specific groups such as those with accrued interest on repayment plans, borrowers eligible for certain relief programs, and those with loans associated with problematic institutions.
The proposal would forgive interests of up to $20,000 for repayment plan holders, entire accrued interests for lower and middle-income borrowers in income-based plans. It would also cancel debts automatically for various eligible relief categories and forgiven loan balances for specific pre-2005/2000 borrowers.
#federal-student-loans #loan-forgiveness #repayment-plans #student-debt-relief #biden-administration
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