Biden admin aims for new student loan relief plan this year [Video]

WASHINGTON (NEXSTAR) – After the Supreme Court struck down a federal student loan forgiveness program designed to erase the debts of more than 40 million borrowers, the Biden administration is now just one step away from finalizing a rule to replace it.

U.S. Education Secretary Miguel Cardona says the rule is going through the negotiated rule making process slowly but expects it move forward this year.

The proposal is under review at the Office of Management and Budget, the final step before it can be released for comment.

“We’re being as aggressive as possible,” said Cardona.

The proposal is designed to help a large number of borrowers, not already covered by smaller, existing loan forgiveness programs.

Groups like the NAACP are happy to hear about the progress but are pushing the administration not to leave anyone hanging.

“It’s a major concern when it comes to homeownership, when it comes to building families to generation wealth,” says Amari Fennoy. 

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