Biden's Targeted Student Debt Relief Plan: Cost, Legalities, and Progress

The Biden administration is working on a new debt relief program aimed at helping borrowers who need it the most after the Supreme Court rejected their initial plan to cancel student debt. The Education Department held a public hearing to begin the process of crafting new regulations under the Higher Education Act. Details about the structure of the new program have not been provided, and it remains uncertain if borrowers promised relief under the first program will still be eligible. The undersecretary of education emphasized the need to address unaffordable debts and structural issues in higher education financing, acknowledging that the regulatory process will take several months.