Biden unveils new plans to cancel student debt

The Biden administration announced an expansion of its plans to cancel student debt. 

The draft proposal released Feb. 15 would allow the U.S. Department of Education to discharge student loans owed by borrowers who are "experiencing financial hardship and unlikely to be able to repay their debts," according to Politico. 

The proposed one-time debt relief program would automatically cancel debt for borrowers who are at least 80% likely to default on it within the next two years, as well as consider those experiencing financial hardship. 

Several factors would determine financial hardship, such as household income, total debt balance, history of loan repayment and receipt of a Pell grant. 

Read more: Politico 

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