President Biden Announces New Actions to Provide Debt Relief and Support for Student Loan Borrowers

The Supreme Court struck down President Biden’s Loan Forgiveness plan, but the administration has announced new steps to assist borrowers after this unfortunate setback. First the administration has already initiated its plan to update the REPAYE Loan forgiveness plan. The new plan will help lower undergraduate borrowers’ monthly repayment and alleviate unpaid borrower interest. Secondly the administration still plans to pursue borrower forgiveness through the Secretary of Education’s authority under the Higher Education act. However, this process will take time before it can be implemented, and borrowers will go into repayment before debt can be forgiven.

For more details view the Department of Education’s Fact Sheet