The Biden administration is emailing student loan borrowers about a proposed debt relief proposal that would cancel up to $20,000 in accrued interest payments. The Education Department on Wednesday will begin emailing millions of student loan borrowers to let them opt out of President Biden's new policy to reduce or eliminate their balances, advancing an alternative plan to the program struck down by the Supreme Court last year. Biden's debt relief policies are sure to take center stage as the election nears, despite the president's departure from the campaign. While that position will curry favor with liberals who praise Biden for canceling more than $168 billion in student debt, it could further fuel political opposition from conservatives who consider the policies fiscally irresponsible. Borrowers are only eligible for the proposed relief if they have entered repayment after the proposed rules are finalized.

Source: Washington Post August 01, 2024 04:01 UTC