President Joe BIden has unveiled a new student loan forgiveness plan, and he will be describing the proposal in a speech in Wisconsin today.: The plan would provide debt relief for more than 30 million borrowers who have carried debt for many years, and who have struggled to make student loan payments. The first debt relief should kick in this fall.: U.S.
The court has struck down multiple versions of Biden's plans for a student loan bailout, and 11 Republican-led states filed a lawsuit against the version he announced in February. The new Biden plan is expected to affect up to 30 million Americans, who will see sizable portions of their student debt slashed before the November election, according to the Wall Street Journal.
The new plan, aiming to supplant an earlier version that was rejected by the U.S. Supreme Court in June, offers targeted relief to specific groups of borrowers, notably those who've carried debt for many years, and those struggling to...The Biden administration is proposing a sweeping initiative to slash student debt for nearly 30 million Americans, a plan likely to face legal challenges from Republicans who helped kill an earlier White House attempt at large-scale loan cancellation.
The proposal, which President Biden is set to describe in a Monday speech in Wisconsin, marks a major new White House effort to appeal to progressives and young voters seven months before the November election, with polls showing him trailing his Republican opponent, Donald Trump, and underperforming among adults under 30.
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