The Biden administration is again taking action on student loan debt, with a proposed plan that could relieve over 30 million Americans. US Department of Education Under Secretary James Kvaal joins Yahoo Finance's Wealth! to discuss the details of this latest initiative. Kvaal explains the plan aims to help borrowers "who owe more than they borrowed" due to the accumulation of continued interest. The plan could see individuals have up to $20,000 in extra interest forgiven, which Kvaal estimates could impact as many as 25 million Americans "to get them back to a fair place on their student loans." Kvaal acknowledges that the Department of Education is navigating a "lengthy regulatory process" with this proposed plan, but stresses the department's commitment to finalizing the details in time for potential implementation by the fall. Kvaal encourages borrowers to visit studentaid.gov/debtrelief to review the full details on eligibility and benefits. For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live. Editor's note: This article was written by Angel Smith

Read more --->