Biden Announces New Student Debt Relief Plans
Biden's Most Ambitious Debt Forgiveness Plan Yet
Up to $20,000 in Relief for Borrowers
President Joe Biden has announced a new plan to provide widespread student debt forgiveness, his most ambitious effort yet to address the issue. The plan offers up to $20,000 in relief to borrowers, and is expected to benefit millions of Americans.
The plan builds on Biden's earlier student loan forgiveness program, which relied on the Higher Education Relief Opportunities for Students Heroes Act of 2003. That program provided up to $10,000 in relief to borrowers who were affected by the COVID-19 pandemic.
The new plan expands on the previous one by offering relief to a wider range of borrowers. It also includes an automatic discharge of $12 billion in loans for nearly 153,000 borrowers. Additionally, the Biden-Harris Administration has announced the approval of $58 billion in additional student loan debt relief for 77,700 borrowers.
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