Emory professor explains Biden’s new student loan relief plan

President Joe Biden speaks about student loan debt relief at Delaware State University, Friday, Oct. 21, 2022, in Dover, Delaware.

Evan Vucci / Evan Vucci

Earlier this month, the U.S. Supreme Court blocked President Joe Biden’s $400 billion plan to cancel or reduce federal student loan debts for millions of Americans.

However, the Biden administration is continuing its efforts to provide relief for borrowers.

Last week, the president announced that more than 800,000 student loan borrowers who have been repaying their loans for 20 or more years would automatically have their remaining student loan debt canceled, equaling a total of $39 billion in relief.

On Thursday’s edition of “Closer Look,” Usha Rackliffe, an associate professor in accounting at Emory University, talked with show host Rose Scott about the new income-driven repayment plan and how it will lessen loan payments and drop monthly payments to zero for low-income borrowers.