Education Department Unveils Major Details On New Student Loan Forgiveness Plan

The Education Department has released the most detailed information yet on a new student loan forgiveness program being developed by the Biden administration. According to these updates, officials are honing in on providing debt relief to four distinct groups of borrowers, as well as a fifth group tied to financial hardship.

The new program, designed to replace the student loan forgiveness plan that was scrapped by the Supreme Court last summer, is in the midst of a lengthy rulemaking process. The department has released new draft regulatory text in advance of the next round of public hearings.