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.
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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.
