Overview

• The new plan aims to forgive loans for borrowers who owe more than they originally borrowed or have been repaying for decades.
• The Education Department will email all federal student loan borrowers with updates and opt-out instructions by August 30.
• The plan follows the Supreme Court's rejection of Biden's previous debt relief efforts and ongoing legal challenges.
• Borrowers in income-driven repayment plans earning under $120,000 annually may see up to $20,000 in forgiveness.
• The new regulations could take effect this fall, potentially benefiting up to 30 million borrowers.