Biden will soon announce a new student loan forgiveness plan

The plan comes nearly a year after the Supreme Court ended his administration’s first attempt to relieve debt for millions who attended college.Biden speaks at the Eisenhower Executive Office Building on the White House complex in Washington, April 3, 2024. 2:11 PM EDT April 5, 2024

Much of the specifics that Biden will discuss Monday have long been telegraphed through a negotiated rulemaking process at the , which has worked for months to hash out the new categories of borrowers. The president announced immediately after the Supreme Court decision that Education Secretary Miguel Cardona would undertake the process because he would have the power under the Higher Education Act to waive or compromise student loan debt in specific cases.

The plan that Biden will detail is set to expand federal student loan relief to new yet-targeted categories of borrowers through the Higher Education Act, which administration officials believe puts it on a stronger legal footing than the sweeping proposal that was killed by a 6-3 court majority last year. The planned announcement from Biden was first reported by the Wall Street Journal.

Through that process, the agency laid out five categories of borrowers who would be eligible to get some or all of their federal loans canceled. The plan is focused on helping those with the greatest need for relief, including many who might otherwise never repay their loans. The plan would automatically cancel loans for those who went to for-profit college programs deemed “low-value.” Borrowers would be eligible for cancellation if, while they attended the program, the average federal student loan payment among graduates was too high compared to their average salary.

Source: Education Headlines (educationheadlines.net)

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