President Biden announces his new plan for student loan forgiveness, which is expected to help 30+ million Americans.

Today, I'm proud to announce five major actions to continue to relieve student debt for more than 30 million Americans since I started my administration. First, my administration will propose a new rule to cancel up to $20,000 in runaway interest for any borrower that owes more now than when they started paying the loan. That's a big difference. And for low and middle class families enrolled in my SAVE program, we'll cancel all of your interest. All of your interest. And second, we plan to cancel student debt for borrowers who still owe student loans even though they started repaying them more than two decades ago. Folks, third, we plan to cancel debt for about 2 million borrowers who would be eligible for debt forgiveness through the SAVE program, public service loan forgiveness, or other debt canceling programs, but are not enrolled in these programs. Some of you are only finding out after the fact as a teacher, a firefighter, a cop, that you qualify, but you just didn't know about it before. And now people are — but you're eligible no matter how long it's been — you've been out of the program. And fourth, we plan to cancel debt for borrowers who the Department of Education determines were cheated by universities that left students on unaffordable loans and delivered little in benefits to students. And you know — you know one of those — you know one of those colleges is closed. I won't mention it. And finally, the Department of Education will propose a new rule to cancel student debt for Americans facing financial hardships, from child care to health care, to prevent them from paying back their loans. And over the coming months, the Department of Education will propose and then implement these plans. And starting this fall, we plan to deliver up to $20,000 in interest relief to over 20 million borrowers and full forgiveness for millions more. I can tell by the looks on some of your faces, this relief is not news to you all, because this relief can be life-changing.