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Biden Unveils New Student Loan Relief Plan Amid Legal Challenges

The plan aims to cancel debt for over 30 million borrowers, facing opposition from Republican-led states and raising questions about its financial impact.

  • President Biden announces a new student loan relief plan targeting over 30 million borrowers, aiming for debt cancellation and economic growth.
  • The plan faces legal challenges from Republican-led states, with lawsuits aiming to block its implementation.
  • Eligibility for the new plan includes borrowers who have been paying for over 20 years, those with significant unpaid interest, and those facing financial hardships.
  • Critics argue the plan shifts the financial burden to future taxpayers and bypasses legislative approval, raising concerns about its legality and impact on the national debt.
  • Supporters highlight the plan's potential to alleviate financial stress for millions, boost the economy, and fulfill a key campaign promise.
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