Biden Proposes to Cancel Student Loan Debt for Another 25.6 Million Borrowers

Published on April 16, 2024

President Joe Biden has unveiled the first set of draft rules for his revised plan to cancel hundreds of billions of dollars in federal student loan debt, about a year after the country’s highest court foiled his initial attempt. Filed on April 16 by the U.S. Department of Education, the draft includes nine proposed rules that would deliver the cancellation that President Biden promised this past week during his campaign trip to the battleground state of Wisconsin. The Biden administration so far has discharged $153 billion in student loan debt for 4.3 million borrowers, mostly benefiting those on income-driven repayment (IDR) plans, those with disabilities, and those who claimed to have been defrauded by their schools....

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