Biden to Announce Student Debt Relief Plan for Millions of Americans

President Joe Biden is set to unveil new plans aimed at canceling or reducing student loan balances for millions of Americans after the Supreme Court struck down his large-scale debt forgiveness attempt last year.

The White House expects the latest proposal, when combined with previous actions taken by the administration, to benefit over 30 million Americans in total.

The president is scheduled to announce his plans on Monday during his trip to Madison, Wisconsin. He will also meet with borrowers who have benefited from his debt relief efforts.

“If these plans are finalized as proposed, altogether, this administration will begin to cancel up to $20,000 in interest for millions of borrowers and full loan forgiveness for millions more this fall,” Secretary of Education Miguel Cardona told reporters during a call.

“That’s on top of the $146 billion in student loan debt relief for 4 million Americans that we’ve already approved,” he said.

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