"Biden's Expanded Student Loan Forgiveness Plan Targets Millions of Borrowers"

President Biden is set to announce new proposals for partial or complete student loan forgiveness, targeting accrued and capitalized interest on federal student loans. The plan, subject to federal rulemaking process, could see 23 million American borrowers having all of their balance growth forgiven, with single borrowers making under $120,000 per year and enrolled in income-based repayment plans eligible for waiver of the entire amount their balance has grown. The proposals also include automating loan forgiveness programs and canceling student debt for borrowers experiencing hardship, but may face potential legal challenges.