Biden Administration pushes for new student loan forgiveness program

(CNN) — The Biden Administration is taking another shot at creating a new student loan forgiveness program. while the program is still in the early stages, the Department of Education announced that four groups of borrowers are being considered for eligibility.

Two of them include those who currently have balances bigger than what they originally borrowed as well as those who started repayments at least 25 years ago. A committee that includes borrowers, student loan service representatives and schools are expected to meet a number of times by the end of the year to discuss the new plan.

A finalized proposal isn’t expected until 20-24.