President Biden announced new plans to cancel student debt for about 23 million people. Some of those to benefit include borrowers who now owe more than their original loan amount due to out-of-control interest, those who have had debts for over 20 years, borrowers who were enrolled in so-called low-value school programs and those facing economic hardship. The new plan would completely erase student debt for around 4 million borrowers. Biden announced the debt relief in a speech in Madison, Wisconsin, Monday, as he made another pitch for reelection in the key swing state.

President Joe Biden: “I also want to make — and I’ve been pushing this, and if I’m reelected, I’m going to push it hard; we’re going to get it done next time — is I want to make community college tuition-free, so you won’t need loans at all, and cut in half the cost of going to college.”