President #Biden will announce a new effort on Monday to reduce or eliminate #student#loan#debt for millions of borrowers,
an attempt to revive his goal of providing large-scale relief for Americans struggling to pay off their college loans, a person familiar with the plan said Friday.
Mr. Biden is expected to preview new regulations by the Education Department targeting millions of borrowers,
including those whose loans have ballooned because of accrued interest and others who can demonstrate financial hardship impeding repayment.
The proposed regulations are set to be published over the next few weeks.
Mr. Biden will speak about the effort during a visit to Wisconsin on Monday, which will coincide with an event on student loans with Vice President Kamala #Harris in Philadelphia.
The push is a recognition by Mr. Biden and his allies of the disappointment felt by his supporters
— especially young voters
— when the president’s first attempt to wipe out student debt was #blocked by the #Supreme#Court last summer.
The court said that the government exceeded its authority under federal law when it attempted to cancel up to $400 billion in student loans.
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