Biden seeks student debt relief for millions

The Biden administration unveiled a new set of plans on Monday that would eliminate student debt for millions of Americans. The administration says that, if fully implemented, it would bring the number of borrowers who've seen some or all of their debt forgiven during the president's term to more than 30 million.

The new plan, aiming to supplant an earlier version that was rejected by the U.S. Supreme Court in June, offers targeted relief to specific groups of borrowers, notably those who've carried debt for many years, and those struggling to make payments. And many borrowers, regardless of income, could see relief from high interest balances.

U.S. Education Secretary Miguel Cardona said the new proposals will fulfill a promise the president made while a candidate in 2020. The relief offered, he added, will mean "breathing room" for many borrowers. "It means freedom from feeling like your student loan bills compete with basic needs like grocery or health care."