Narrower Biden administration student loan relief plan would target hardest-hit borrowers
Officials released a draft of the plan, but full details are likely months away. The Biden administration has released the first draft of a debt relief policy targeted at the hardest-hit student loan borrower s, providing more clarity on what the next steps are in a monthslong rulemaking process to make good on President Joe Biden's efforts to provide debt relief . The first attempt at broad debt relief, rolled out by Biden last year, was overturned by the Supreme Court in June. That policy would've cancelled debt for more than 40 million borrowers. After it was halted by the court, Biden announced that the administration would try again, under a different law called the Higher Education Act. Since then, the rulemaking process has been playing out with updates on a monthly basis. Though it's still preliminary, the latest draft released Monday by the Department of Education focuses on borrowers who have more debt now than they initially took out, have loans that they f...