White House moves forward with new plan to cancel student debt, CNBC says

The White House outlined the next step in its new plan to cancel people’s student debt after the U.S. Supreme Court blocked its original policy in June, CNBC’s Annie Nova reports. The Biden administration intends to focus on certain groups of borrowers in the latest proposal, include those suffering from financial hardship or who entered in repayment decades prior, the author notes. “The Biden-Harris Administration has taken unprecedented action to fix the broken student loan system and deliver record amounts of student debt relief,” U.S. Secretary of Education Miguel Cardona said in a statement. “Now, we are diligently moving through the regulatory process to advance debt relief for even more borrowers.” Companies that may be impacted by new student loan regulations include Navient (NAVI), SoFi Technologies (SOFI), Nelnet (NNI) and SLM (SLM).