Biden is still looking to forgive student loan debt in final weeks [Video]

With weeks to go before President-elect Donald Trump takes office, the Biden administration is still taking steps to deliver sweeping student loan forgiveness to millions of Americans.

The U.S. Department of Education has submitted its so-called “Plan B” for student loan cancellation to the Office of Management and Budget for review.

“OMB review is the last step” before the policy is published in the Federal Register, said higher education expert Mark Kantrowitz.

Once the rule is published, the Education Department could begin reducing or eliminating people’s loans, Kantrowitz said.

More from Personal Finance:The inflation breakdown for November 2024 — in one chartEconomists have ‘really had it wrong’ about recessionTrump tariffs would likely have a cost for consumers

President Joe Biden began working on his revised student loan relief plan after the Supreme Court blocked its first programin June 2023. The updated policy targets several groups of borrowers for relief, including those who have been in …