The Biden administration has announced a new student loan debt relief plan, aiming to help nearly 8 million borrowers facing financial hardship. The plan proposes automatic forgiveness for borrowers who have an 80% chance of defaulting on their loans within two years, while others will need to apply for debt relief. If the plan passes, it's expected to be finalized in 2025.

Source: https://www.cnet.com/personal-finance/loans/bidens-new-hardship-plan-could-provide-student-loan-forgiveness-to-8-million-borrowers/#ftag=CAD590a51e