President Biden is forging a new path to reduce or eliminate federal student loan balances for tens of millions of borrowers, holding firm to a campaign promise to ease the burden of college debt. The proposed plan includes forgiving accrued interest and targeted debt cancellation, aiming to benefit millions of individuals.
The new plan will expand federal student loan relief by eliminating up to $20,000 in accrued interest for select borrowers. Borrowers enrolled in income-driven repayment plans with lower annual incomes will have all their unpaid interest wiped away. Additionally, the plan targets existing forgiveness programs and aims to automatically cancel loans for eligible individuals.
#student-loan-forgiveness #debt-relief #biden-administration #education-policy #income-driven-repayment
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