President Biden to Announce New Plans to Benefit Over 30 Million Americans

President Biden is set to announce newplans that, combined with actions the administration has already taken, will benefit over 30 million Americans if the plans are finalized, according to the White House .

The debt forgiveness announcement will aid borrowers with runaway interest who owe more money than they did when repayment started, borrowers who are eligible for one of the president's existing loan forgiveness programs plans , borrowers who took out undergraduate loans at least 20 years ago or graduate level loans from at least 25 years ago and haven't had their debt forgiven; borrowers who were taken advantage of by low financial programs or attended schools with high rates of...

"President Biden will use every tool available to cancel student loan debt for as many borrowers as possible, no matter how many times Republican elected officials try to stand in his way," White House Press Secretary Karine Jean-Pierre said. Education Secretary Miguel Cardona has the ability to designate provisions for early implementation of these plans, per a senior administration official.

"We do feel good about its effect on economic growth and economic mobility, improving the ability of families to really be able to get that breathing room that the President has talked about and that the Secretary has talked about in these sorts of situations," the senior administration official said.

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