The Biden Administration will announce some new details of its proposed student loan forgiveness plan Monday, which if implemented, could bring forgiveness for a combined 30 million people this fall.
“These historic steps reflect President Biden’s determination that we cannot allow student debt to leave students worse off than before they went to college,” said U.S. Under Secretary of Education James Kvaal. “The President directed us to complete these programs as quickly as possible, and we are going to do just that.”
The Administration is currently pursuing debt relief through the negotiated rulemaking process under the Higher Education Act. Last June, the Supreme Court rejected Biden’s student loan forgiveness plan that would have erased a whopping $400 million in student loan debt for 42 million people. This proposed plan could still face legal challenges.
The new plan, however, would eliminate accrued interest on…
