Biden to Announce Targeted Student Loan Forgiveness Plan

The new initiative aims to provide relief for specific categories of borrowers, following the Supreme Court's rejection of a broader proposal.

President Joe Biden is set to announce a new student loan forgiveness plan targeting specific borrower categories in Madison, Wisconsin, on Monday.
The plan, a response to the Supreme Court's rejection of a previous $400 billion proposal, aims to provide targeted relief through the Higher Education Act.
Eligible categories include borrowers with financial hardship, those whose loan balances have increased due to interest, and attendees of low-value college programs.
The proposal is expected to be more targeted and smaller in scale than the initial plan, potentially erasing up to $20,000 in interest for some.
Senate Majority Leader Chuck Schumer supports the move, emphasizing ongoing efforts to alleviate student loan debt burdens.