5 things to know about Biden’s new student loan plan

President Biden announced a student loan plan Monday that would help millions of Americans have their debt forgiven in his latest attempt to provide relief to borrowers. 

Biden announced a plan focused in large part on borrowers with so-called “runaway interest” who owe more money than they did at the start of repayment.

The plan, if finalized, would likely go into effect this fall, but it risks being legally challenged by Republicans who don’t back student debt relief that could add to the millions of people who have already seen some debt relief under the Biden administration’s executive plans.