Biden administration deleting $4.5 billion in student loan debt for 66,000+ borrowers Biden administration deleting $4.5 billion in student loan debt for 66,000+ borrowers 01:22.
The Biden administration's efforts to erase student debt for the 46 million Americans who are carrying college loans have repeatedly hit legal roadblocks.
Now, the Department of Education is rolling out a new plan that could provide debt relief to 8 million borrowers who are suffering from financial hardships.
The new plan, unveiled Friday, would provide loan relief for approximately 8 million people with student loans who are suffering financial distress caused by other debts, ranging from medical expenses to costs due to a natural disaster.
Under the proposal, there would be two ways borrowers could qualify for the debt relief.
"A big reason why we're fighting for student debt relief is to address the more than 1 million defaults we see annually in the student loan system," he said.
"Financing a college education is supposed to help students climb the economic ladder, not leave them buried in a ditch," Cardona said. »
