"For far too long, our broken student loan system has made it too hard for borrowers experiencing heartbreaking and financially devastating hardships to access relief, and it's not right," said Education Secretary Miguel Cardona.
This new approach could proactively cancel loans for borrowers deemed likely to default, affecting approximately 8 million Americans who face significant financial challenges.
The proposed rule, if finalized, may still encounter legal hurdles, as conservative critics argue that it is unconstitutional and unfair, following previous challenges to Biden's plans.
Virginia Foxx criticized the initiative as a "sham plan" aimed at influencing voters ahead of the upcoming presidential election.
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