What to know about Biden's latest attempt at student loan cancellation

New Insider Deals are here, and you’re going to love them!President Joe Biden delivers remarks on student loan debt at Madison College, Monday, April 8, 2024, in Madison, Wis. – President Joe Biden is taking another shot at student loan cancellation, hoping to deliver on a key campaign promise that he has so far failed to fulfill.on Monday, Biden detailed a proposal that would cancel at least some debt for more than 30 million Americans.

Borrowers who are eligible for other federal forgiveness programs but haven’t applied would also get their loans canceled under the new proposal. It applies to the Public Service Loan Forgiveness program and income-driven repayment plans, among others. It’s meant to help people who missed out on forgiveness because of complex paperwork, bad advice or other obstacles. An estimated 2 million people would be eligible for that help.

A final category would cancel loans for Americans facing hardship that prevents them from repaying their student loans. The rule would allow the Education Department to cancel debt for borrowers who are considered highly likely to default on their loans, and it would create an application system for individuals to detail other forms of hardship.Most of the cancellation would be done automatically with no need to apply.

But the Higher Education Act authorizes the education secretary to fast-track rules for “early implementation” in some cases. The Biden administration recentlyto accelerate student loan cancellation offered through a new federal repayment plan. Invoking that authority could allow Biden to start canceling debt later this year.Anything but. The Biden administration says it’s confident that the plan is allowed by the Higher Education Act.

Source: Education Headlines (educationheadlines.net)

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