A significant part of the new plan involves those who have been repaying their debt for up to 20 years.
The latest proposal by the Biden administration could lead more than 30 million Americans with student debt to see their loans forgiven.The plan announced on Monday is focused on borrowers under the Saving on Valuable Education plan, Public Service Loan Forgiveness, or other forgiveness opportunities who have been in repayment for a decade on a debt of up to $12,000.
'If these plans are finalized as proposed, this fall the Administration would begin canceling up to $20,000 in interest for millions of borrowers and full loan forgiveness for millions more,' they said in their statement.Newsweek contacted the White House for comment via email on Monday.Canceling student debt has been a key promise of President Joe Biden since he first ran for office nearly four years ago.
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