President Joe Biden's latest plan for student loan cancellation is progressing as a proposed regulation, aiming to fulfill a campaign promise and engage young voters before the upcoming election. The Education Department has filed paperwork for a new regulation that would enact the loan cancellation announced by Biden last week. This proposal, which targets more than 25 million Americans, must undergo a 30-day public comment period and further review before finalization.
The new plan, distinct from the one invalidated by the U.S. Supreme Court last year, employs a different legal basis to cancel or reduce loans. Conservative opponents argue that it places an unjust burden on taxpayers who did not attend college and have threatened legal challenges.
