President Joe Biden is moving forward with another student debt relief plan. An estimated 8 million federal student loan borrowers experiencing financial hardship may be eligible to have their loans forgiven — some even automatically — if the regulation is finalized as proposed, the Department of Education announced Friday. The proposed regulation is the result of a months-long process known as negotiated rulemaking where the Biden administration worked with stakeholders, experts, advocates and more to develop a plan to deliver debt relief to borrowers facing financial hardship. In the coming weeks, the proposal will head to the Federal Register where it will have a 30-day public comment period before it's finalized. Here's what borrowers may expect if the proposal is finalized as currently written.

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Persons: Joe Biden, —, Biden, Harris, Education Migel Cardona, it's Organizations: Department of Education, Biden, Harris Administration, Education, Federal