President Biden on Monday announced his backup plan for student loan forgiveness which is expected to help over 30 million Americans.
“Today, I'm proud to announce five major actions to continue to relieve student debt for more than 30 million Americans since I started my administration,” Biden said while delivering remarks in Madison, Wisconsin. "I can tell by the looks on some of your faces, this relief is not news to you all because this relief can be life-changing."
The plan includes proposals to cancel runaway interest, forgive debt for those who have been repaying for over two decades, aid those eligible for debt forgiveness programs, cancel debt for those cheated by universities, and provide relief for Americans facing financial hardships.
“Over the coming months, the Department of Education will propose and then implement these plans. And starting this fall, we plan to deliver up to $20,000 in interest relief to over 20 million borrowers and full forgiveness for millions more,” Biden said.
