Biden rolls out new student debt plan aiming to provide relief to 30M borrowers – By Clyde Hughes (UPI) / April 8, 2024
April 8 (UPI) — The White House on Monday announced a new student loan debt forgiveness plan in its latest effort to provide relief to borrowers after the Supreme Court struck down President Joe Biden’s original plan.
The plan would help bring the total of borrowers granted relief under the Biden administration to 30 million when combined with past efforts, according to a White House statement.
“These plans would fully eliminate accrued interest for 23 million borrowers, cancel the full amount of student debt for over 4 million borrowers and provide more than 10 million borrowers with at least $5,000 in debt relief or more,” the White House said.
The plan aims to provide relief to borrowers who owe more than they did when they started repaying their loans, those who are eligible for loan forgiveness but haven’t applied, those who entered repayment 20 or more years ago, borrowers enrolled in low-financial-value programs and those experiencing hardship paying back their loans.
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