As the Biden administration's term ends, it's preparing to launch two new student debt relief programs. The first, 'Plan B,' aims to provide forgiveness for roughly 23 million borrowers impacted by high interest accumulation, following the Supreme Court's rejection of the administration's initial plan. The second program focuses on providing relief for 8 million borrowers facing financial hardship using a predictive model to identify those at high risk of default.
As the Biden administration enters its final days, two new student debt relief programs face imminent release as they undergo final review before formal implementation.
However, the rule is not slated to go into effect until several months into President-elect Trump's second term, and, as a result, will likely be rescinded. While Trump has not formally laid out plans on how he will approach the Biden administration's student loan forgiveness policies, he has indicated plans to reform the federal government's role in U.S. education during his term.
STUDENT LOAN DEBT RELIEF BIDEN ADMINISTRATION HIGHER EDUCATION FINANCIAL HARDSHIP
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