During a speech in Madison, Wisconsin yesterday, President Joe Biden announced new moves heβs making to reduce or eliminate student debt. Biden referenced his original plan to eliminate debt that was blocked by the Supreme Court, then ran down some of the moves heβs already taken to reduce debt for student borrowers,
The plan to help five categories of borrowers includes canceling up to $20,000 in interest for those whose loan balance is higher than it was when they originally took out the loan due to what the president called βrunaway interestβ
Other steps, Bidenβs new plan would cancel loans for two million additional borrowers because theyβre eligible for other forgiveness programs but havenβt enrolled in them Β·
Source: AP News