The plan would target specific groups of borrowers — like those with soaring interest — rather than a sweeping plan like the one the Supreme Court rejected in June.
By Collin Binkley and Seung Min Kim, Associated PressPresident Joe Biden speaks on student loan debt forgiveness, in the Roosevelt Room of the White House, Oct. 4, 2023, in Washington.
A fifth group is also being discussed — “those who are experiencing financial hardship that the current student loan system does not currently adequately address.” The department says it will continue to refine the proposal as it goes through a federal rulemaking process. The public will be able to provide written feedback next year.
For those with snowballing interest, the proposal would reset their loans back to the original balance, effectively canceling unpaid interest.
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