How Biden’s new student loan forgiveness plan differs from his first [Video]

This time, the Biden administration has narrowed its aid by targeting specific groups of borrowers. It hopes that move will help the new plan survive legal challenges.

“I think it would be easier to justify in front of a court that is skeptical of broad authority,” said Luke Herrine, an assistant professor of law at the University of Alabama, in an earlier interview with CNBC.

Tens of millions of borrowers may still benefit if the program endures.

The plan would forgive the debt of borrowers who:

• Are already eligible for debt cancellation under an existing government program but haven’t yet applied
• Have been in repayment for 20 years or longer on their undergraduate loans, or …