According to a Fox Business report, President Biden is set to unveil another round of student loan handouts; it will affect more than 30 million Americans — and possibly votes — prior to Election Day.
From Fox Business:
The court has struck down multiple versions of Biden’s plans for a student loan bailout, and 11 Republican-led states filed a lawsuit against the version he announced in February. The new Biden plan is expected to affect up to 30 million Americans, who will see sizable portions of their student debt slashed before the November election, according to the Wall Street Journal.
Biden is scheduled to unveil the plan during a public event in Wisconsin on Monday.
The plan’s central pillar focuses on cutting loans that have exceeded their principal amount due to interest. It would cut up to $20,000 in accrued interest while borrowers who make less than $120,000 or couples who make less than $240,000 would be allowed to cut all of their accrued interest beyond the principal amount, WSJ reported.
The result would see roughly 23 million Americans having their loans cut down to the principal amount.
The plan would further cancel debt for borrowers who have held onto their loans for decades without fully paying them off. The forgiveness would apply to any undergraduate debt lasting more than 20 years and any graduate debt lasting more than 25 years, according to WSJ.
This story is developing…
Biden to unveil new student loan handout that could slash debt for millions before election dayhttps://t.co/Kr4NFcMuJN
— FOX Business (@FoxBusiness) April 8, 2024
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