The US Education Department, led by Secretary Miguel Cardona, has unveiled a new plan seeking to reform the student loan system. This initiative, part of President Biden’s “Plan B” strategy following the Supreme Court’s obstruction of his previous debt cancellation effort, seeks to cancel large portions of student debt. While exact details are not released, the plan is described as expansive and forward-looking. A public hearing for the proposal is scheduled for next week, with an official release for public comment expected in May. The proposal is likely to face legal challenges, particularly in cases where borrowers are struggling to repay their loans.
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