Just five months ago, the Supreme Court shut down President Biden’s student loan forgiveness plan that would have eliminated an estimated $400 billion worth of debt. But the administration has a “Plan B.”
Biden’s latest proposal, which will be further ironed out in a two-day session starting Dec. 11 in live-streamed meetings, targets borrowers who owe more than they initially took out in loans due to interest, offering up to $10,000 worth of forgiveness. Borrowers who have been repaying their loans for 20 years or more, borrowers who are eligible for other existing relief programs like Public Service Loan Forgiveness, and borrowers who attended underperforming for-profit colleges may also be eligible for relief.
