President Joe Biden announced new plans to provide student debt relief during a visit to Madison, Wisconsin.
His plans aim to cancel runaway interest for millions of borrowers and nullify debt for eligible borrowers who have not yet participated in forgiveness programs.
The big picture: The new plans would nullify debt for people participating in certain programs, including public service workers who have been paying off their loans for at least 10 years.
- People who took out loans for undergraduate and graduate education who started paying their loans off 20 and 25 years ago, respectively would have their debt nullified as well.
- The new plans are in response to the Supreme Court striking down Biden’s original plan to cancel up to $20,000 in debt for eligible borrowers.
What they’re saying: Speaking in Wisconsin, Biden said the relief can be life-changing.
- “Folks, I will never stop to deliver student debt relief on hardworking Americans, and it’s only in the interest of America that we do it,” Biden said.
