Biden prepares to announce new student loan forgiveness proposal

The Biden administration is slated to announce new proposals aimed at mitigating student loan debt for millions of borrowers, according to the Wall Street Journal. 

This would mark President Joe Biden's second attempt at large-scale student loan forgiveness. It comes after the Supreme Court blocked his original program that would have given up to $20,000 of relief to borrowers. The proposed regulation is expected to outline pathways to qualifying for debt relief, such as financial hardship and low incomes. 

"It could also outline a path to relief for borrowers who have carried their debt for decades; who now owe more than their initial loan amount because interest has piled up; or who are eligible for relief through other federal programs, but haven't applied," the article states. 

Read more: Wall Street Journal 

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