Biden’s New Plan Could Impact 23 Million Americans

Gage Skidmore from Peoria, AZ, United States of America, CC BY-SA 2.0 , via Wikimedia Commons

( – On Monday, President Joe Biden announced another plan that could provide student debt relief to at least 23 million Americans. This could help him bring in support from young voters who are going to be essential to his 2024 re-election bid. 

Biden detailed the plans in Madison, Wisconsin, which will include canceling as much as $20,000 of accrued interest for borrowers regardless of their income. The Biden administration has estimated that this could mean that interest in its entirety could be eliminated for 23 million borrowers. 

Progressive voters, whom Biden also depends on in the race against GOP presumptive nominee Donald Trump, have also been pushing for the student loan debt crisis to be addressed by the federal administration. Last year, the Biden administration had taken several actions related to the issue, but the Supreme Court had ultimately decided to block Biden’s initial student loan forgiveness plan. 

Young voters continue to have student loans high on their agenda, while many have also expressed concerns about Biden not achieving more in terms of getting student loan forgiveness through. The Republicans have blasted Biden for his approach to student loan forgiveness arguing that he was overreaching his authority. They have also argued that these policies are unfair as other borrowers will not be receiving the same relief that will become available to college-educated borrowers. 

The new plan would automatically cancel debt for all eligible borrowers who have entered repayment decades ago. This will also include those who are experiencing hardship and are enrolled in low-financial-value programs.

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