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Biden Proposes Third Student Loan Forgiveness Plan for 8 Million Ahead of Election

Oct 25, 2024, 04:55 PM

The Biden administration has introduced a new proposal to forgive student loan debt for approximately 8 million borrowers facing financial hardship, just days before the election. Announced on Friday, the plan aims to provide relief to those struggling with high medical bills, childcare costs, natural disasters, and other financially devastating hardships that prevent them from repaying their loans. This marks the administration's third attempt to cancel student debt, following previous plans that were blocked by legal challenges, including objections from the Supreme Court. The proposal seeks to offer loan forgiveness under the authority of the Higher Education Act and is designed to overcome previous legal obstacles. However, the plan faces opposition from Republicans who argue it is an unfair burden on taxpayers and an unlawful attempt to buy voters before the election.