President Biden announced a new student debt relief plan that aims to provide up to $20,000 in interest relief to over 20 million borrowers and full forgiveness for millions more. The plan targets various groups, including those with ballooning loan balances, low- and middle-income borrowers, individuals eligible for existing loan forgiveness programs, and those facing hardships due to medical or child care costs. The proposal still needs to be finalized and faces expected legal challenges, but could potentially provide significant relief to nearly 30 million Americans.
President Biden plans to announce a large-scale effort to provide student loan debt relief, aiming to fulfill a promise that was previously blocked by the Supreme Court. The plan would reduce the amount owed by 23 million borrowers and wipe away the entire debt for over four million Americans, with 10 million borrowers seeing relief of at least $5,000. The announcement is seen as an effort to rally support among young voters ahead of the November election, but the plan will face legal and timing challenges before taking effect.
After the Supreme Court overturned President Joe Biden's $400 billion student debt relief plan, the administration is now pursuing alternative avenues for student debt relief under the federal Higher Education Act. However, the development of a new plan will take months, and the scope of relief may be narrowed. Education Secretary Miguel Cardona announced steps to ease the transition for borrowers, including a 12-month "on-ramp" period and new income-driven payment plans. Advocates for student borrowers are cautiously optimistic about the administration's efforts but remain skeptical about the ultimate outcome.
Florida's disaster preparedness sales tax holiday and freedom summer tax holiday will provide tax breaks on essential items, summer vacation items, and entertainment. The disaster preparedness holiday runs from May 29 to June 9 and again in August, while the freedom summer holiday runs from Memorial Day to Labor Day. The tax-free items include pet and laundry supplies, toilet paper, soap, smoke detectors, portable generators, fishing and camping supplies, toys, athletic equipment, sunscreen, bug spray, and admission to state parks. These tax holidays are part of the largest tax relief plan in Florida's history, signed into law on Thursday.
