"The whole point of taking out a student loan in the first place is to invest in the future, to invest in skills and education in order to expand opportunity and to get ahead, not to fall into a debt trap when hardship strikes," national economic adviser Lael Brainard said in a press call Thursday. "When hardship strikes, student debt relief is unequivocally good for borrowers [and] good for economic opportunity."
Biden's latest debt-relief plan would benefit eight million people if enacted, but the plan will likely face legal challenges and might never see the light of day.
Advocates argue that the plan was incomplete without a catchall measure to help borrowers experiencing financial hardship, highlighting the need for a more comprehensive solution.
The newest proposal builds on an earlier one designed to provide relief to borrowers who owe more than they initially borrowed or who have spent over 20 years in repayment.
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