During a speech in Madison, Wisconsin yesterday, President Joe Biden announced new moves he’s 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 he’s 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 “runaway interest”
Other steps, Biden’s new plan would cancel loans for two million additional borrowers because they’re eligible for other forgiveness programs but haven’t enrolled in them ·
Source: AP News