The Education Department released new details on its second attempt at debt relief.
On Monday, the Education Department released updated regulatory text for its proposal to cancel student debt using the Higher Education Act of 1965.
Advertisement"Student loans are supposed to be a bridge to a better life, not a life sentence of endless debt," Education Secretary Miguel Cardona said in a statement.
AdvertisementWhile this plan for relief is more narrow than Biden's first attempt, many borrowers experiencing different forms of hardship hope they'll qualify.
"I have to pay for my wife's car, plus food, plus utilities, plus the mortgage, plus the car payment," one 63-year-old borrower previously told Business Insider.
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Organizations:
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