President Joe Biden is traveling to Wisconsin to announce details of a new plan to help millions of people with their student loan debt.
FILE - President Joe Biden speaks as Education Secretary Miguel Cardona listens at the White House, June 30, 2023, in Washington. Biden is traveling to Wisconsin Monday, April 8, 2024, to announce details of a new plan to help millions of people with their student loan debt. Last year, the U.S. Supreme Court foiled Biden's plan to provide hundreds of billions of dollars in student loan debt relief to millions.
“I was surprised to see the intensity on the issue of Gaza coming not from a student voice out of Madison, but older voters in more rural parts of the district,” Pocan said. Biden's new plan would expand federal student loan relief to new yet-targeted categories of borrowers through the Higher Education Act, which administration officials believe puts it on a stronger legal footing than the sweeping proposal that was killed by a 6-3 court majority last year.
Among those targeted for help are people whose unpaid interest has snowballed beyond the size of the original loan. The proposal would reset their balances back to the initial amount by erasing up to $10,000 or $20,000 in interest, depending on their 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.
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