Biden to announce new student loan forgiveness proposals

President Biden will be announcing new proposals for partial or complete student loan forgiveness Monday in Wisconsin.

The main thrust for the latest round of student loan forgiveness proposals is to target accrued and capitalized interest on student loans. According to the Biden administration, 25 million Americans who used federal student loans now owe more than they originally borrowed because of the interest charges that have accumulated.

However, the president's new loan forgiveness proposal will have to clear several hurdles before any student loan balances may be lowered.