Biden’s Debt Relief Plan To Use New Strategies To Provide Relief For Student Loan Borrowers Following Killing Of Initial Proposal

Biden’s debt relief plan will use new strategies to provide relief for student loan borrowers after the initial proposal was killed.

Biden’s Debt Relief Plan Will Use New Strategies After Original Plan Killed at Supreme Court

After original Biden’s debt relief plan for federal student loans was killed at the Supreme Court, the Biden administration sought different and new strategies for Biden’s debt relief plan in lowering the debt of student loan borrowers in need of financial assistance.

Original Biden’s debt relief plan aimed to cancel student debt of up to $20,000, while the new Biden’s debt relief plan will reportedly aim to erase the student debt completely using different strategies to provide relief for millions of student loan borrowers, according to KENS5.

With Biden’s debt relief plan, loan borrowers will receive debt relief for the first 12 months following the resume of payments to assist them in paying their debt, which resulted in some advocates supporting Biden’s debt relief plan even with the legal challenges awaiting.

READ ALSO: Supreme Court Decision On President Biden’s Student Loan Debt Relief Approach Is Bigger Than What You Think

More Details About Biden’s Debt Relief Plan for Student Loan Borrowers

Following the original Biden’s debt relief plan for student loan borrowers, the process of the new Biden’s debt relief plan using new and different strategies is expected to take longer and could be finished in up to two years.

As of now, other details about Biden’s debt relief plan are still unclear, including the eligibility of the student loan borrowers and how much student debt will be canceled if they will be entitled to debt relief under Biden’s debt relief plan.

READ ALSO: Debt Relief Company Scam: Federal Trade Commission Will Send Checks To 37,800 Student Loan Borrowers Scammed By Arete Financial Group