Biden administration to unveil new plan to forgive student loan debt

(CNN, KYMA/KECY) - On Monday, the Biden administration has unveiled the details of a new plan to forgive student loan debt for millions of Americans.

The White House says the new policies target specific groups. For example, people who have balances bigger than what they originally borrowed due to interest and people who enrolled in "low financial value" programs, which left them in debt but without good job prospects.

These proposals still need to be finalized, which could take months.

This is Biden's second attempt to implement broad student loan forgiveness, after the Supreme Court struck down his first plan last summer.

Through smaller programs, the administration has canceled $146 billion of student debt for four million people.