FILE - New graduates line up before the start of a community college commencement in East Rutherford, N.J., May 17, 2018. on Monday, offering more targeted relief to specific groups of borrowers instead of widespread cancellation that was originally planned before being rejected by the Supreme Court.was released on Monday outlining the administration’s new plans for canceling some student debt for borrowers who were deemed the most vulnerable or in need of relief.
Borrowers who had their balances balloon beyond what they borrowed due to interest would have the difference wiped way to the original balance. It's unclear exactly how many borrowers would be eligible for relief under the new guidelines or what the program will cost. Biden’s first plan was estimated to cost the government $400 billion to enact for some 40 million borrowers, according to an estimate by the nonpartisan Congressional Budget Office., which said the president did not have the legal authority to wipe away such large amounts of debt without Congress’ explicit approval.
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