"Biden Expands Student Debt Relief Plan for Millions of Borrowers"

The Biden administration has announced new student loan plans that could provide relief to millions of Americans, including $20,000 in loan forgiveness for balances that have grown due to unpaid interest, automatic debt relief for those who qualify under certain programs, and relief for those enrolled in low-financial-value education programs or experiencing financial hardship. The administration estimates that more than 30 million Americans would benefit from these plans, with a focus on helping Black and Latino borrowers and those who attended community college. If finalized, the plans would begin this fall, but they are likely to face legal challenges.