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Biden seeks to cancel some interest on student loans, aiding 23 million Americans

U.S. President Joe Biden will announce on Monday new plans to ease student debt that would benefit at least 23 million Americans, the administration said, addressing a key issue for young voters whose support he needs in the election this year. The plans, which Biden will detail in Madison, Wisconsin, include cancelling up to $20,000 of accrued and capitalized interest for borrowers, regardless of income, which the administration estimates would eliminate the entirety of that interest for 23 million borrowers. Progressive voters, whom Biden hopes will support him in November's election, have long urged the White House to address student loan debt. ....

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