President Joe Biden offered details of a sweeping alternative student debt plan that would offer relief to tens of millions of American borrowers during a visit to the college town of Madison, Wisconsin, as he seeks to excite young voters frustrated after his original program was struck down by the Supreme Court.
Biden’s “Plan B” would see loans reduced or wiped out for millions of Americans — including those whose debt exceeds their original principal amount or who attended universities that offered little career benefits. Individuals who have made student loan payments for more than 20 years, are experiencing financial hardship, or who are eligible for federal loan forgiveness programs but have not previously enrolled would also be eligible.
