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Day 1175

1/ Biden announced a new student loan forgiveness plan that would cancel student debt for more than 30 million borrowers. Under the new plan, the administration would cancel up to $20,000 of a borrower’s accrued, unpaid interest regardless of their income. About 4 million student loan borrowers could see their debt fully canceled under the proposal, and an additional 10 million more borrowers could get $5,000 or more in relief. If the full plan is implemented, the Biden administration estimates it will “fully eliminate” accrued interest on 23 million borrowers’ unpaid balances. “This relief can be life-changing,” Biden said. “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. And again, it’s for the good of our economy that’s growing stronger and stronger — and it is. By freeing millions of Americans from this crushing debt […] it means they can finally get on with their lives, instead of their lives being put on hold.” Since taking office, Biden has canceled $146 billion in student loans debt for 4 million public servants, defrauded students, disabled borrowers, and others already entitled to forgiveness under existing programs. About 43 million Americans have some form of student loan debt. (Axios / Associated Press / Politico / NPR / Washington Post / New York Times / CNN / NBC News / Wall Street Journal / USA Today)

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