Just days before the election, the Biden-Harris administration has rolled out yet another plan to cancel student debt—this time aiming to clear the loans of millions of borrowers across the U.S. who are experiencing “hardship.”
The timing is notable: With a hefty portion of young voters carrying student debt, some might say this is a strategic move to energize them just in time for Election Day.
Under a proposed rule published in the Federal Register on Thursday, the Department of Education presents two new routes for student loan cancellation.
The first would allow a one-time review of federal loans, canceling debt for borrowers with an 80% chance of defaulting on payments within two subsequent years.
The second option would open an application process where borrowers experiencing “hardship” could apply for cancellation. What qualifies as “hardship”?…
