President Biden will detail the plan Monday in Madison, Wisconsin, where the flagship campus of the University of Wisconsin is located.
President Joe Biden will announce his latest effort to broaden student loan relief next week for new categories of borrowers, according to three people familiar with the plans, nearly a year after the Supreme Court foiled his administration’s first attempt to cancel debt for millions who attended college.
Still, the effort seeks to make good on President Biden’s promise after the Supreme Court struck down his initial plan in June, a $400 billion proposal to cancel or reduce federal student loan debt that a majority of justices said required congressional approval. President Biden called that decision a “mistake” and “wrong.”
“This new path is legally sound,” President Biden said in June. “It’s going to take longer, but, in my view, it’s the best path that remains to providing for as many borrowers as possible with debt relief.” Among those targeted for help are individuals whose unpaid interest has snowballed beyond the size of the original loan. The proposal would reset their balances back to the initial balance by erasing up to $10,000 or $20,000 in interest, depending on a borrower's income.
Those who are eligible for other types of cancellation but haven't applied would automatically get relief. It would apply to Public Service Loan Forgiveness and Borrower Defense to Repayment, programs that have been around for years but require infamously difficult paperwork.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Biden privately in 'rivalry' with Obama, former president's staff predicted Biden 'would suck as president'President Biden compares himself to former President Obama in private as part of a years-long “rivalry' between the two men, a new report reveals.
Read more »
President Biden touts 'best economy in the world' in Easter Monday interviewPresident Biden touted the 'best economy in the world' during an NBC News interview on Monday and said he was optimistic that people would turn out for him in November.
Read more »
RESULTS: President Biden, former President Trump win Arizona Presidential Preference ElectionBoth Biden and Trump reached the threshold to become their party's respective nominees
Read more »
President Biden, 3 former president visiting NYC; Midtown gridlock expectedIt will be the first time Biden, Obama, Clinton, and Trump are in Manhattan at the same time since 2021.
Read more »
President Biden speaks with Chinese President Xi Jinping amid global tensionsPresident Joe Biden spoke on the phone with Chinese President Xi Jinping on Tuesday, marking the first conversation between the leaders since their historic in-person summit in November and the latest in ongoing efforts by US and Chinese officials to defuse tensions between the two superpowers. The call comes amid heavy global turbulence – the ongoing wars in Gaza and Ukraine, as well as North Korea’s nuclear capabilities, were expected to be topics of discussion. Other issues that have strained the Washington-Beijing relationship were also expected to come up, including Taiwan, China’s recent provocations in the South China Sea and Beijing’s human rights abuses. The two leaders were also expected to discuss a number of issues where US and Chinese officials see room for cooperation, including countering narcotics, the fast-developing world of artificial intelligence and climate change
Read more »
President Biden Speaks with Chinese President Xi Jinping on PhonePresident Biden discusses U.S. concerns about economic relations, Ukraine, and cybersecurity threats with Chinese President Xi Jinping during a phone call.
Read more »