"Biden's Targeted Student-Debt Plan Faces Legal Challenges and Funding Questions"
President Joe Biden has proposed a new student-debt forgiveness plan targeting five types of borrowers, with estimates suggesting that over 30 million Americans could benefit. The plan includes forgiving up to $20,000 in interest for low and middle-income borrowers, automatic debt cancellation for those eligible for existing forgiveness programs, erasing debt for borrowers who have been repaying for 20 years or longer, canceling loans for students from institutions with low financial value, and providing relief for borrowers experiencing financial hardships. The Education Department is expected to release the finalized plan in the coming months.