"Biden's New Plan for Student Loan Relief: What Borrowers Need to Know"

President Joe Biden is set to unveil a new plan to broaden student loan relief for specific categories of borrowers, nearly a year after the Supreme Court rejected his initial $400 billion proposal. The plan, to be announced in Wisconsin, aims to expand federal student loan relief through the Higher Education Act and is expected to be smaller and more targeted than the previous proposal. It includes categories such as resetting balances for those with snowballing interest, erasing remaining debt for long-term payers, and automatic loan cancellation for certain groups. The plan is part of the administration's efforts to provide relief to those with the greatest need and follows targeted initiatives that have already canceled $144 billion in student loans for almost 4 million Americans.