US Education Secretary Miguel Cardona has announced a proposed student debt relief plan aimed at benefiting over 30 million people.

The plan seeks to address the disproportionate impact of student loan debt on Latino borrowers specifically.

President Biden's plan would reduce payments for 25 million borrowers, completely erase debt for over four million Americans, and provide up to $20,000 in interest relief for those on income-driven repayment plans.

Additional relief is targeted at borrowers eligible for existing forgiveness programs, those with long-standing debt, and victims of fraudulent institutions or experiencing hardship.

The plan will enter a public comment period and may face legal challenges before it can be implemented.

This initiative represents a renewed effort following the Supreme Court's rejection of a previous version of the student debt forgiveness program last year.

The Biden administration has already approved $146 billion in student debt relief for 4 million borrowers in the past three years.

Advocates view the new proposal as a positive move towards reforming the student loan system.