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U.S. President Joe Biden speaks as he announces a new plan for federal student loan relief during a visit to Madison Area Technical College Truax Campus, in Madison, Wisconsin, U.S, April 8, 2024.
Kevin Lamarque | Reuters
The Biden administration on Tuesday released the draft text of its new student loan forgiveness proposal, which could reduce or eliminate the balances of millions of borrowers.
The proposed rules should be formally published in the Federal Register on Wednesday and will be followed by a 30-day comment period.
“Today’s announcement shows that the Biden-Harris Administration is continuing to fulfill our promises to fix a broken higher education system,” said U.S. Secretary of Education Miguel Cardona in a statement.
The regulatory text comes about a week after President Joe Biden revealed the details of his Plan B for student loan forgiveness.
The administration has been working on that do-over after the U.S. Supreme Court rejected Biden’s first attempt at loan cancellation last summer.
After the U.S. The Department of Education reviews comments from the public, it hopes to finalize the new rules and start canceling borrowers’ debts by the fall, it said.
This is breaking news. Please check back for updates.
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