Student Loan Forgiveness Take 2?

The Biden administration is taking another shot at student loan forgiveness after SCOTUS struck down its plans. Under the Higher Education Act, Biden wants to launch a new student loan forgiveness plan which allows the Education Department to "compromise, waive or release loans". There is always another way to skin a cat and this attempt at student loan forgiveness is no different.

The Biden administration has approved over $116 billion in student loan forgiveness for 3.4 million borrowers across a variety of new initiatives, according to a recent Education Department update. However, the latest news on the Biden student loan forgiveness program is that his new student loan relief plan and its legal challenges face a long road.

The amount of loan forgiveness you can get depends on the plan you are eligible for. According to the Biden’s administration, the much-anticipated student loan forgiveness plan would have offered up to $20,000 in federal student loan forgiveness for tens of millions of borrowers. The plan also included a proposal for a new income-driven repayment plan. However, like the last attempt to forgive student loan debt, the Supreme Court could possibly over rule this measure as well. 

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