President Joe Biden is again working to deliver on a campaign promise that so far has hit several roadblocks: student loan forgiveness.Biden shared a proposal on Monday during a visit to Wisconsin that would cancel at least some debt for more than 30 million borrowers in the United States. The proposal has been in the works for months after the Supreme Court rejected the president’s first try at mass cancellation, according to the Associated Press.
That would be the case for the interest cancellation, borrowers with older loans, those that attended low-value programs, and those eligible for other cancellation programs.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.
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