The plan will erase debt for borrowers who have been paying down their debt for at least 20 years. For many borrowers, qualifying monthly payments that should have moved them closer to forgiveness were not accounted for, effectively forcing them to make extra payments under their IDR plans.

The Biden administration’s newly proposed actions, which would likely take effect in 2024, would lower child care costs for 80,000 American families by capping their child care copayments at 7% of the family income.