“The Biden administration is poised to issue a proposal aimed at reducing or eliminating student loan balances for millions of borrowers, marking President Biden’s second attempt at large-scale loan forgiveness,” the Wall Street Journal reports.
“The regulations, which are set to be issued as soon as next week, come after the Supreme Court last year overturned the administration’s first debt cancellation plan, which would have wiped away up to $20,000 in student debt for borrowers making less than $125,000 a year.”
“Biden is planning to outline the broad strokes of the new proposal during a speech on Monday in Madison, Wis., where he is expected to tout his administration’s wide-ranging efforts to chip away at the student debt burden facing more than 40 million Americans.”
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