President Joe Biden announced his administration's latest plan to cancel student loan debt on Monday. The plan places a particular emphasis on "racial equity."

According to a White House statement, the President referenced ongoing efforts under the Higher Education Act of 1965, stating, "Department of Education began pursuing an alternative path to debt relief through negotiated rulemaking under the Higher Education Act. Today’s announcement lays out the plans the Biden-Harris Administration is pursuing through that effort."

President Biden elaborated on the new measures, stating, "In total, these plans would fully eliminate accrued interest for 23 million borrowers, would cancel the full amount of student debt for over 4 million borrowers, and provide more than 10 million borrowers with at least $5,000 in debt relief or more."

The revised plan is encapsulated in a 922-page amendment to the Higher Education Act, a legislation that has undergone several reauthorizations since its inception. The White House released a fact sheet indicating that the proposed student debt relief will focus on those facing "disproportionately high debt burdens," with "Black and Latino borrowers" slated to receive significant benefits.

The initiative sets out to absolve certain debts for "more than 30 million borrowers" across the nation. Another key aspect of the plan involves offering relief to "borrowers who attended institutions or programs that closed and failed to provide sufficient value," which includes those left with excessive loan payments or earnings on par with high school diploma holders.

Furthermore, the Biden administration is also targeting relief for "borrowers experiencing hardship paying back their loans," addressing a broader spectrum of individuals struggling with student debt.

The administration has not yet provided specific details on the implementation timeline or the process for borrowers to claim relief under the new plan, but it is expected to release more information in the coming weeks.

Originally reported by The Post Millennial