More than 25 million borrowers, the administration said, owe more in student loans now than they took out originally, due to what Cardona called “runaway interest.” The first element of the new plan would allow any borrower, regardless of their income, to cancel up to $20,000 in interest.
If every borrower really gets that it would fix a lot, especially if it stayed true for new borrowers.
But if it was anyone that owes more than they got, that number would be a lot higher than 25 million.
The prior paragraph doesn’t help much
The announcement spelled out efforts aimed at four groups of borrowers: those who owe more money than they did at the start of their repayment, borrowers who started paying more than 20 years ago, those already eligible for existing loan forgiveness or discharge programs but haven’t yet applied, and borrowers facing economic hardship.
But I don’t expect anything to happen before the election, and if Biden wins it won’t be brought up again till midterms. But I’m just going off of decades of watching the Dem party fail to follow thru.