Friday’s announcement is just the latest round of student debt cancellation enacted by the Biden administration, which has approved relief for more than 4.3 million people so far, including 31,130 people in Iowa.
The president’s plan builds on existing debt cancellation efforts and would extend loan relief to more than 30 million borrowers.
The new proposal will focus on providing debt relief to those with older loans or loans with large sums of interest; those with high-cost, unavoidable child care or health care expenses; borrowers who are highly likely to default; and others who face “financial hardship.”
More than 19,000 Iowans have had their student debt discharged or have been identified for debt relief due to the Biden administration's reforms of the student loan debt system.
