Biden looks to forgive more student loans in waning days of term

The Biden administration announced that the U.S. Department of Education has submitted the Plan B for student loan forgiveness to the Office of Management and Budget.

If approved, the rule will be published in the Federal Register and could provide debt relief for millions of Americans, according to a news report from CNBC. Those who could see their student debt reduced or forgiven include those who have been repaying their loans for decades, have attended schools that defrauded them or face financial hardship.

The Biden administration has already provided student debt relief to less than 5 million borrowers; however, legal challenges have hindered wide-scale student debt relief efforts. Similar lawsuits could prevent the new rule from taking effect, even after its expected approval by the Office of Management and Budget.

Read more: CNBC

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