Sean Rayford | Getty ImagesSince the Biden administration's first student loan forgiveness plan was rejected at the Supreme Court, it has been working on creating a new, legally viable relief package.
The alternative plan, which has become known as Biden's "Plan B," could forgive the student debt for as many as 10 million people, according to one estimate.
While Biden first attempted to cancel student debt through an executive order, he has now turned to the rulemaking process.
Borrowers in repayment for 20 years or moreThose who have been carrying their student debt for decades may also benefit.
watch nowStudent loan servicers also earn a fee per borrower per month, which advocates say discourages transparency around loan forgiveness opportunities.
Persons:
Joe Biden, Sean Rayford, Biden, Persis Yu, George W, Bush, servicers, Yu
Organizations:
Flex, Biden administration's, Supreme, U.S . Department of Education, Student, Protection, Education Department, Public, Consumer Financial, Bureau
Locations:
West Columbia, South Carolina