President Joe Biden is expected to announce plans to cancel student debt, along with other actions that would benefit millions, during a visit to Madison, Wisconsin, on Monday. Biden's new plans aim to cancel runaway interest for millions of borrowers; cancel the debt of those who are eligible but not yet participating in certain forgiveness programs.
Senate Majority Leader Chuck Schumer, D-N.Y., praised the administration's new actions in a statement, saying they show Biden is “heeding Congress' call” to provide as much debt relief as possible.