8 sources·Politics

Biden Administration Proposes Student Loan Cancellation for Financially Distressed Borrowers

The Biden administration unveiled a plan to provide student loan relief for those facing financial hardships, potentially benefiting 8 million Americans.

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Updated: Oct 25th, 2024, 1:21 PM ET

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The Biden administration has announced a new proposal aiming to relieve student loan debts for approximately eight million borrowers experiencing financial hardships due to medical bills, childcare costs, and natural disasters. The plan could provide automatic debt forgiveness for individuals predicted to default on their loans. Education Secretary Miguel Cardona emphasized that the current system is challenging for borrowers in distress. The plan faces potential legal challenges and must clear additional hurdles before realization, with expectations to finalize the guidelines by 2025.

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