"Biden Administration's Student Debt Relief Plan Faces Legal Hurdles and Inflation Concerns"

The Biden-Harris Administration has released draft rules aimed at providing student debt relief to millions of borrowers, including proposals to cancel runaway interest, eliminate debt for borrowers who entered repayment at least 20 years ago, and assist those enrolled in low-financial-value programs or institutions. The rules will be open for public comment for 30 days, with the aim of finalizing them in time to start delivering relief this fall. The Administration has already taken historic action to approve debt cancellation for nearly 4.3 million borrowers, totaling $153 billion in debt forgiveness through various actions.