The Biden administration announced Friday that it will wipe out $39 billion in student debt for more than 800,000 borrowers. CBS News' errolbarnett explains how the new plan could impact you.
The Biden administration announced Friday that it will wipe out $39 billion in student debt for more than 800,000 borrowers, relief that comes weeks after the Supreme CourtUnlike the broad forgiveness Mr.
Loans covered include Direct Loans or Federal Family Education Loans held by the Department of Education, including Parent PLUS Loans.The latest announcement from the Department of Education is part of the Biden administration's efforts to provide relief to Americans with student loan debt, and is different from the program struck down by the Supreme Court late last month.
That plan by the Biden administration was far more sweeping, with an estimated 40 million Americans eligible for relief, 20 million of whom would have had their loan balances erased. But the Supreme Court disagreed, finding the administration overstepped its authority with its plan to erase $430 billion in student debt.
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