Biden administration announces new student loan forgiveness plan [Video]

President Joe Biden announced his newest plan to combat student debt and is taking a new strategy to avoid being shut down by the Supreme Court.

PENNSYLVANIA, USA — During his visit to Wisconsin on Monday, President Biden proposed a new student loan forgiveness plan that hopes to succeed where the old plan failed.

“His first plan was built on something called the Heroes Act of 2023 and was rejected by the Supreme Court as unconstitutional, essentially because it did not involve congressional approval,” said Jess Cornaggia, a professor of finance at Pennsylvania State University Smeal College of Business.

The president announced the new plan will be structured under the Higher Education Act to avoid similar legal pushbacks.

The plan could eliminate debt for nearly 30 million Americans if successful.

“From what I read about the plan, the idea is to target the people that have runaway student debt balances, you know, people who owe more on …