Biden announces new plan to cancel student loans for 30m borrowers

Plan targets borrowers who accrued high level of interest on debt and those who have been in repayment for at least 20 years

Joe Biden announced plans to cancel student loans for 30 million borrowers on Monday, the administration's latest push on addressing student debt before the presidential election.

The plan primarily targets borrowers who have accrued a high level of interest on their debt and those who have been in repayment for at least 20 years. Borrowers who face extreme economic hardship could also see some relief.