Biden Has Another Plan for Mass Student Loan Forgiveness. It Could Be Excruciatingly Long

Last summer, in the space of about 20 minutes, President Joe Biden laid out his plan to forgive student loan debt for more than 40 million borrowers. On Tuesday, roughly a year later and with that plan undoneby the Supreme Court, a very different process for erasing debt on such a wide scale begins. It’s expected to take several months, if not longer. The resulting rule may also face legal challenges, which could drag things out further. The administration is leveraging the country’s primary higher education law to write a regulation that will allow the government to cancel some student debt.