Biden announces MORE Americans could have their student loans forgiven: Here's ... trends now

Biden announces MORE Americans could have their student loans forgiven: Here's ... trends now
Biden announces MORE Americans could have their student loans forgiven: Here's ... trends now

Biden announces MORE Americans could have their student loans forgiven: Here's ... trends now

Draft proposal outlines outlines who would qualify due to financial hardship Proposal could provide relief for 'tens of millions of student loan borrowers' Biden administration going through rulemaking process to cancel student loan debt after Supreme Court struck down original plan 

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Even more Americans could see their student loans forgiven after the Biden administration announced how those struggling with their payments could have their debts wiped.

The proposal unveiled on Thursday outlines multiple factors the Education Secretary may consider to determine whether borrowers are facing the type of hardship that would get them relief.

The Biden administration has already cancelled $136.6 billion in student loan debt for 3.7 million borrowers, but the Supreme Court struck down President Biden's original $400 billion plan to cancel it last June.

Critics have accused Biden of abusing his authority and punishing taxpayers who didn't get a college education. 

Some factors for hardship include the borrower's total student loan balance and required payments relative to household income and whether a borrower is facing high financial burdens for essential expenses like healthcare or childcare.

Other considerations include whether the borrower received a Pell Grant, age, disability and other other indicators identified by the secretary.

The proposal would provide automatic relief for borrowers who are highly likely to be in default in two years. Those borrowers would be identified through a method developed by the Education Department using information in the secretary's possession.

It would also allow the Education Secretary to provide additional relief to borrowers experiencing hardship through an application process.

Education Secretary Miguel Cardona standing alongside President Biden at the White House. The new draft proposal includes multiple factors the secretary may consider to determine whether borrowers are facing financial hardship that would qualify them for student loan relief

Education Secretary Miguel Cardona standing alongside President Biden at the White House. The new draft proposal includes multiple factors the secretary may consider to determine whether borrowers are facing financial hardship that would qualify them for student loan relief

Protesters gathered outside the Supreme Court as the court blocked President Biden's previous student loan relief plan

Protesters gathered outside the Supreme Court as the court blocked President Biden's previous student loan relief plan

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