The latest Biden play to reduce student loan debt is a winner

President Joe Biden announced a new bid on Monday to provide federal student loan debt relief to millions of Americans, part of a patchwork of debt relief plans the administration has been stitching together since the Supreme Court struck down Biden’s biggest swing last summer. The new plan offered up on Monday won’t affect nearly as many people as the original plan — but it’s definitely the best workaround that the White House has come up with yet.

This time around, rather than canceling the loans themselves, the plan aims at forgiving the interest that has accrued, which leaves some borrowers in a deeper and deeper hole. Here’s how NBC News described who will be eligible: