President Biden speaks at the White House on Monday. The administration's new proposal on student loan debt relief would zero in on some of the most vulnerable borrowers.
25 years or longer or who owe far more than they originally borrowed. It is a far more targeted approach than Biden’sto cancel up to $20,000 in federal student loan debt for about 40 million people and would zero in on some of the most vulnerable borrowers who are unlikely to ever fully repay their debt.
“President Biden and I are committed to helping borrowers who’ve been failed by our country’s broken and unaffordable student loan system,” said Education Secretary Miguel Cardona. “We are fighting to ensure that student debt does not stand in the way of opportunity or prevent borrowers from realizing the benefits of their higher education.