Biden to Ease Rules for Student Loan Forgiveness

“The Biden administration on Tuesday released a detailed plan that will make it easier for student-loan holders to wipe out their debts using income-driven repayment plans,” the Wall Street Journal reports.

“Income-driven repayment plans were designed to help lower earners borrow for college, but few have been able to use them effectively because of technical problems and onerous amounts of income-verification paperwork. If enacted, the proposed changes would provide qualifying borrowers with significantly more-generous options that could leave them debt-free sooner, while paying off only a fraction of their total loan balances.”