Biden Admin Moves To Cut Monthly Student Loan Payments Along With Debt Cancellation

US Education Secretary Miguel Cardona (R) looks on as US President Joe Biden delivers remarks on the student debt relief portal beta test, in the South Court Auditorium of the Eisenhower Executive Office Building, next to the White House, in Washington on Oct. 17, 2022. Brendan Smialowski/AFP via Getty Images

Along with his plans to grant student loan debt forgiveness to millions of borrowers, President Joe Biden is moving ahead with a plan to lower student loan repayments and stop their balances from growing because of an accumulation of unpaid interest.

On Tuesday morning, Secretary of Education Miguel Cardona announced the Biden administration’s new student loan repayment plans.