The Biden administration is proposing a new plan to slash student loan debt for more than 30-million borrowers. The plan announced Monday would affect those with “runaway interest,” borrowers who have been paying on loans for 20 years, and those who qualify for income-driven repayment plans.
The White House estimates the plan could eliminate accrued interest on 23-million borrowers’ unpaid balances.
It’s the latest attempt by President Biden to cancel student debt after the Supreme Court blocked his sweeping debt cancellation plan last year.
