Biden to announce new plan to erase debt for 25 million Boston 25 News [Video]

President Joe Biden will announce Monday that he plans to give as many as 25 million Americans relief from their student loan debts, according to the administration.

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The new regulations, the specific details of which are expected to be revealed in the coming months, would provide relief to those whose payments have ballooned because of unpaid interest, the Wall Street Journal reported.

The program will be aimed at those who have been making payments for years, but because of interest rates haven’t yet paid off their balances.

In addition, the new plans target:

• Those who already qualify for student loan forgiveness under existing programs but have not applied.
• Those who entered repayment at least 20 years ago.
• Those who enrolled in “low financial value” programs, which left students in debt but without good job prospects and were deemed ineligible to participate in federal student loan programs or were denied recertification.
• Those experiencing financial hardship.

The new proposals must still go through …