Gold $2,411.41 0.03
Silver $30.79 1.73
Platinum $1,008.27 0.24
Palladium $968.23 2.39
Student Loan Forgiveness

Biden Administration Proposes New Targeted Student Loan Forgiveness Plan

Posted on February 21, 2024
Writer: James Miller

On Thursday, the Biden administration unveiled a significant update on a new student loan forgiveness plan aimed at helping borrowers experiencing financial difficulties. This disclosure comes ahead of planned public hearings, signaling a move towards addressing the persistent issue of student debt.

This plan, developed under the Higher Education Act, aims to create a more targeted approach to student loan forgiveness following the Supreme Court’s decision that struck down a previous debt relief proposal. The new approach targets specific borrower groups with a clear intent to withstand legal scrutiny, focusing on those with prolonged debt or who have been adversely affected by their educational institutions.

The administration’s proposal introduces a nuanced framework for hardship-based forgiveness, emphasizing criteria like income levels, debt burdens, and the impact of educational institutions on borrowers’ financial well-being. As public hearings and rulemaking sessions approach, students across the country await the potential for significant policy shifts that could alleviate the burden for millions.

Read the full article on Forbes.

Recent News