President Biden Proposes Debt Cancellation for 30 Million Americans

President Biden detailed a proposal Monday that would cancel at least some debt for more than 30 million Americans.cancellation, hoping to deliver on a key campaign promise that he has so far failed to fulfill.

The new plan targets five categories of borrowers, focusing on those believed to be in the greatest need of help. It would provide relief to an estimated 30 million borrowers. The administration has not said how much the plan would cost.The widest-reaching provision aims to reset student loan balances for borrowers who have seen their debt grow because of unpaid interest. It would cancel up to $20,000 in interest for Americans who now owe more than they originally borrowed.

All debt would be canceled for borrowers who have been repaying undergraduate loans for 20 years or more, or 25 years for those with graduate school debt. The Biden administration says it would erase loans for more than 2 million people. There's one exception: If borrowers want to make a case that they face some sort of hardship that merits cancellation, they would need to apply individually.The Biden administration says some debt could be canceled as soon as this fall, including interest that has snowballed on top of borrowers' loans.

Republicans have repeatedly fought Biden's plan for student loan cancellation, saying it's an unfair benefit shouldered by taxpayers who repaid their loans or didn't go to college. Opponents say the Supreme Court was clear that widespread loan cancellation must come from Congress.Student loan forgiveness: Dept. of Education's SAVE Plan could lower payments, forgive loans

President Biden Debt Cancellation Campaign Promise Supreme Court Education Department Student Debt Proposal

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