What to know about new student debt relief plan
A new student loan forgiveness plan would reduce payments for 25 million borrowers and erase all debt for more than 4 million of them.
President Joe Biden announced the details of the plan April 8. While the proposal still needs to be finalized and it likely will have to withstand legal challenges, the Biden administration said it could begin issuing some debt relief as soon as the fall.
The plan would target specific groups of borrowers under the Higher Education Act, including those whose balances have ballooned because of interest. Those borrowers could see as much as $20,000 of their interest balance canceled.
The ADA continues to advocate for student loan debt relief, including legislation that would lower interest rates overall and pause the accrual of interest and payments on federal student loans for dental students in residency.
Read more: The New York Times
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