President Biden on Monday announced a large-scale effort to help pay off federal student loans for tens of millions of American borrowers, seeking an election-year boost by returning to a 2020 campaign promise that was blocked by the Supreme Court last year.

Mr. Biden’s new plan would reduce the amount that 25 million borrowers still owe on their undergraduate and graduate loans. It would wipe away the entire amount for more than four million Americans. Altogether, White House officials…


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