Inching closer to delivering on a Plan B for federal student loan borrowers after President Joe Biden’s sweeping debt cancellation plan was rejected by the Supreme Court last summer, the Department of Education has announced a broad proposal that would cancel loans for borrowers dealing with “financial hardship.”
Through the new approach, which is a lesser-known, monthslong administrative process that is far less splashy than Biden’s initial attempt to cancel $10,000-20,000 in debt for every borrower making below $125,000, the administration is continuing to pursue other pathways that they believe are within the department’s legal authority.
“When the Supreme Court struck down President Biden’s boldest debt relief plan, within hours,…
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