President Joe Biden delivers remarks on student loan debt at Madison College, Monday, April 8, 2024, in Madison, Wis. WASHINGTON — President Joe Biden is taking another shot at student loan cancellation, hoping to deliver on a key campaign promise that he has so far failed to fulfill.on Monday, Biden detailed a proposal that would cancel at least some debt for more than 30 million Americans. It’s been in the works for months after the Supreme Courtusing a different legal authority.
All debt would be canceled for borrowers who have been repaying undergraduate loans for 20 years or more, or 25 years for those with graduate school debt. The Biden administration says it would erase loans for more than 2 million people. There’s one exception: If borrowers want to make a case that they face some sort of hardship that merits cancellation, they would need to apply individually.The Biden administration says some debt could be canceled as soon as this fall, including interest that has snowballed on top of borrowers’ loans.
Republicans have repeatedly fought Biden’s plan for student loan cancellation, saying it’s an unfair benefit shouldered by taxpayers who repaid their loans or didn’t go to college. Opponents say the Supreme Court was clear that widespread loan cancellation must come from Congress.