"Biden Administration Expands Student Loan Forgiveness Eligibility"

The Biden administration has revealed its proposal for who may qualify for its student loan forgiveness plan, focusing on struggling borrowers with balances greater than what they originally borrowed, students from schools of questionable quality, and those experiencing financial hardship. The U.S. Department of Education outlined factors such as unreasonable loan balances relative to household income, high child-care and health-care expenses, and other debt obligations, disability, or age as potential identifiers of financial hardship. Lawmakers have pressured the administration to consider relief for financially strapped borrowers, leading to an additional rulemaking session to focus exclusively on this category, which could potentially cover millions of Americans.