Biden administration releases new student loan forgiveness proposal [Video]

The Biden administration has published its new student loan forgiveness proposal, putting it on the path to start clearing debt for millions of borrowers this fall.

The public has 30 days, through May 17, to comment on the details of the revised aid package.

Since the U.S. Supreme Court rejected President Joe Biden‘s first attempt at wide-scale loan cancellation last summer, his administration has been working on this do-over plan.

Biden wants the program to survive legal challenges this time. To that end, the U.S. Department of Education has made the relief more targeted and turned to the regulatory process. The president initially attempted to forgive student debt through an executive action.

Outstanding federal education debt in the U.S. stands at around $1.6 trillion, and burdens Americans more than credit card or auto debt. …