Hardship May Soon Be The Basis For A New Biden Student Loan Forgiveness Plan

The Biden administration is working on a new student loan forgiveness plan. And borrowers who face significant hardships could potentially qualify for relief.

The new program is being developed by the Education Department, and it’s designed to replace President Joe Biden’s first mass student debt relief initiative that was rejected by the Supreme Court. Earlier this week, the Education Department released draft regulations identifying four categories of borrowers who could qualify for student loan forgiveness under the new plan. This may include those who owe more money now than what they originally borrowed, those who attended predatory schools, those who took out student loans more than 25 years ago, and those who qualify for existing loan forgiveness programs and haven’t applied.