October 28, 2024

Round-up: Biden Administration Offers Debt Relief for Financial Hardship

Borrowers experiencing financial hardship could seek a waiver for up to the entire outstanding balance of their student loan under a new proposal from the Biden administration. An estimated 8 million borrowers could benefit from the plan.

The plan targets borrowers with unanticipated expenses such as medical bills, high childcare costs, caring for loved ones with chronic illnesses or a natural disaster.

According to Inside Higher Ed: “The proposal is the final piece of the Biden administration’s second attempt to provide student debt relief to millions of Americans. The first effort, which would have benefited 43 million borrowers, was struck down by the Supreme Court in June 2023, prompting the president to go back to the drawing board.”

This new proposal is expected to face stiff opposition and a legal challenge.

Below is select news coverage from around the country:

Biden Moves Forward With Next Debt Relief Plan Despite Legal Challenges
Inside Higher Ed(October 28, 2024)

Student Loan Limbo
The Chronicle for Higher Education (October 28, 2024)

Biden Administration Floats Student Loan Relief for Borrowers Facing Hardship
The New York Times (October 25, 2024)

Biden Offers Student Loan Relief for Hardships, Despite Ongoing Litigation
The Washington Post (October 25, 2024)

White House Issues New Student Debt Relief Plan Before Election, Says Millions May Qualify
USA Today (October 25, 2024)

Biden’s Latest Student Debt Plan Would Create Forgiveness Path for Borrowers Facing Financial Ruin
CNBC.com(October 25, 2024)

Biden Administration Rolls Out New Student Debt Plan, This Time Aimed at People With Big Debts
CBS News.com(October 25, 2024)

Biden Tries Again at Student Loan Cancellation, for Those in Financial Hardship
ABC News.com (October 25, 2024)

Harris Stays Quiet on Student Loans as Cancellation Loses Its Political Luster
Associated Press (October 27, 2024)

Biden Snubs the Courts Again on Student Loan Forgiveness - Editorial
The Wall Street Journal(October 25, 2024)