"Biden Unveils Ambitious Student Loan Forgiveness Plan for Millions"

President Biden has unveiled a new student loan forgiveness plan that aims to reduce or eliminate federal student loan balances for millions of borrowers. The plan includes measures to eliminate accrued interest, automatically cancel loans for eligible borrowers, and provide relief for those facing hardships. The majority of Americans with federally held student loans will qualify for some level of relief under the new plan, which differs from the previous plan rejected by the Supreme Court. This time, the Biden administration is anchoring the plan with authority in the 1965 Higher Education Act, aiming to address specific circumstances within the scope of the law.