Biden unveils new round of student debt relief

by ian

President Joe Biden announced another student debt relief plan today as he continues to work around the Supreme Court.

The latest plan includes canceling up to $20,000 of accrued and capitalized interest for borrowers, regardless of income. The Biden administration estimates the plan would eliminate the entirety of that interest for 23 million borrowers.

This comes as the Supreme Court blocked Biden’s original $400 billion debt relief plan last year. Since then, President Biden has implemented various workarounds – canceling $146 billion in student debt through executive actions.

Many view the debt relief as a means of courting younger voters for Biden’s reelection campaign.