President Joe Biden is preparing to make a second attempt at large-scale student loan forgiveness, The Wall Street Journal reported.
The Supreme Court in June ruled that the Biden administration overstepped its authority in trying to cancel or reduce student loans for millions of Americans. The 6-3 decision, with conservative justices in the majority, effectively killed the $400 billion plan.
That plan would have erased up to $20,000 in student debt for borrowers earning less than $125,000 a year.
Now, with the presidential election just seven months away, the administration is poised to issue another proposal, The Journal reported Friday.
Biden plans to outline his new plan during a speech on Monday in the swing state of Wisconsin, the outlet added.
With polls showing that Biden has been losing support among young voters, the president’s team figures the debt forgiveness push could help to reverse the trend.
