The Biden administration is poised to issue a proposal aimed at reducing or eliminating student loan balances for millions of borrowers, according to people familiar with the matter, marking President Biden’s second attempt at large-scale loan forgiveness.  The regulations, which are set to be issued as soon as next week, come after the Supreme Court last year overturned the administration’s first debt cancellation plan, which would have wiped away up to $20,000 in student debt for borrowers making less than $125,000 a year.