Student Loans: Biden Pushing New Rules to Forgive Debt for 31M Borrowers

While federal courts ruled against Biden's sweeping student debt forgiveness plans the first time, the president is again looking to implement another broad-based student loan forgiveness program through "Plan B." This would affect 23 million borrowers who have outstanding loan balances and high interest payments.

He's also looking to help borrowers facing financial hardship. That would apply to 8 million whom the Education Department considers unlikely to pay off the loans based on predictive data.

"Rather than forgiving debt for most borrowers, the plan calls for helping those in the most difficult positions, such as the borrowers whose balance has grown to be far more than what they originally borrowed," Michael Lux, an attorney and founder of the Student Loan Sherpa, told Newsweek.

Read Full Article Here