Biden Administration's New Student Loan Forgiveness Plan

The Biden administration is initiating a new student loan forgiveness update, with the Department of Education set to email approximately 30 million borrowers regarding potential debt relief. This update, expected to be finalized in the fall, targets specific groups, including those who have been in repayment for over 20 years, owe more now than initially borrowed, or attended low-financial-value programs. Borrowers can opt out by August 30 if they do not wish to participate. This move follows the Supreme Court's rejection of Biden's broader loan forgiveness plan and is part of ongoing efforts to provide targeted relief despite expected Republican-led legal challenges.