Biden to email all student loan holders about 'potential debt relief'

Borrowers will have the choice to opt out of the relief, but once they do, they cannot reverse their decision.
Biden to email all student loan holders about 'potential debt relief'
WASHINGTON, DC - JUNE 30: U.S. President Joe Biden is joined by Education Secretary Miguel Cardona (L) as he announces new actions to protect borrowers after the Supreme Court struck down his student loan forgiveness plan in the Roosevelt Room at the White House on June 30, 2023 in Washington, DC. In a 6-to-3 decision, the court ruled the loan forgiveness program -- which was projected to help 40 million people and cost $400 billion -- was unconstitutional. (Photo by Chip Somodevilla/Getty Images) Photo credit (Photo by Chip Somodevilla/Getty Images)

The Biden administration has announced the next steps for student debt relief this fall, with the Department of Education set to email borrowers about potential relief options.

Borrowers will have the choice to opt out of the relief, but once they do, they cannot reverse their decision.

Related

Federal appeals court blocks remainder of Biden's student debt relief plan
Federal appeals court blocks remainder of Biden's student debt relief plan

Education Secretary Miguel Cardona emphasized the administration's commitment to providing relief to borrowers who have been struggling with student loan debt.

The administration clarified that this step does not guarantee relief, but the rulemaking process will be finalized in the fall, potentially benefiting over 30 million borrowers.

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Featured Image Photo Credit: (Photo by Chip Somodevilla/Getty Images)