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President Joe Biden on Monday launched the details of a new plan to forgive students loan debt, suggesting that millions of Americans could start seeing debt relief as early as this fall.
The proposed forgiveness plan, announced on Monday, is an alternative to the sweeping $400 billion debt relief program that Biden announced in 2022 and was struck down by the Supreme Court last summer. This is the president’s second attempt to implement the forgiveness plan.
“The plans if implemented, would provide debt relief to over 30 million Americans when combined with actions the Biden-Harris Administration has already taken to cancel student debt over the past three years”, said a press statement.
According to the plan. 23 million borrowers would have their accrued interest waived, four million would have their student loan cancelled and over ten million would receive at least $5,000 in debt relief.
If the new plan is implemented as proposed, some category of people including those who have balances bigger than what they originally borrowed due to interest, could see relief. Also, those who entered repayment at least 20 years ago could be relieved.
Other category of people who could see relief include those who already qualified for student loan forgiveness under existing programs but have not applied, those experiencing financial constraint and those who enrolled in “low financial value” programs, which left students in debt without well-paying jobs.
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