Getting student debt forgiveness could be easier under new rules proposed by Biden administration

New rules proposed by the Biden administration on Wednesday would make it easier for borrowers to get their federal student debt forgiven through several existing programs.

The action is intended to overhaul relief programs that have been criticized for their burdensome paperwork requirements and long processing times. It builds on the administration's efforts to expand targeted debt cancellation for certain borrowers while President Joe Biden considers broader student debt forgiveness.

"We are committed to fixing a broken system," Education Secretary Miguel Cardona said in a statement. "If a borrower qualifies for student loan relief, it shouldn't take mountains of paperwork or a law degree to obtain it."