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U.S. President Joe Biden speaks about administration plans to forgive federal student loan debt during remarks in the Roosevelt Room at the White House in Washington, U.S., August 24, 2022. Leah Millis | ReutersPresident Joe Biden's new plan to forgive student debt is likely to look much different than his first. His administration has already started that process, and established a "Student Loan Debt Relief Committee" — including Wisdom Cole at the NAACP, Kyra Taylor at the National Consumer Law Center and several student loan borrowers — to hash out the details. Reach of relief could drop to 10% of borrowersNearly 40 million Americans stood to benefit from Biden's original student loan forgiveness plan. Less than 10% of federal student loan borrowers are likely to qualify this round, Kantrowitz said.
Persons: Joe Biden, Leah Millis, Joe Biden's, Wisdom Cole, Kyra Taylor, Mark Kantrowitz, John Roberts, Kantrowitz, Luke Herrine, Herrine Organizations: White, Debt, NAACP, National Consumer Law Center, Finance, Biden, . Nebraska, University of Alabama, CNBC Locations: Washington , U.S, .
The Biden administration announced on Friday the next step in its new plan to cancel people's student debt after the Supreme Court struck down its original policy in June. The U.S. Department of Education released its initial agenda of policy considerations for its second attempt at delivering Americans student loan relief. It also shared a list of individuals who will serve on the "Student Loan Debt Relief Committee," including Wisdom Cole at the NAACP, Kyra Taylor at the National Consumer Law Center and several student loan borrowers. Its original plan was broader, only cutting out student loan borrowers who earned more than $125,000 as individuals or $250,000 as couples. "The Biden-Harris Administration has taken unprecedented action to fix the broken student loan system and deliver record amounts of student debt relief," U.S. Secretary of Education Miguel Cardona said in a statement.
Persons: Wisdom Cole, Kyra Taylor, Biden, Harris, Education Miguel Cardona Organizations: Biden, U.S . Department of Education, Debt Relief, NAACP, National Consumer Law Center, Finance, Harris Administration, Education
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