The Biden administration has taken another shot at student loan forgiveness, laying out a proposal to relieve Americans experiencing financial hardships. Amanda Hahnel, Fidelity Investments vice president of emerging products and student debt, joins Wealth! to discuss the plan.

"I think when you look at a lot of the efforts that the Biden administration has made towards student loan forgiveness, what's clear is that there's a lot of attempts to help those with financial burdens. There's also a lot of tug of war in DC around how these will be actually pulled into action by people. And so when you're looking at the overarching result for those with student debt, what we recommend is really making sure that you are keeping up with an action plan as we wait and see how this works through DC," Hahnel tells Yahoo Finance.

She notes that Biden's recent proposal is more targeted forgiveness, which could provide relief to about 8 million people. "There's lots of different ways that this administration has started to look and say, 'How can we actually provide additional help for those who have hardships with student loans,' whether it's deferment of payments or different types of loan repayment options, all of which are worth knowing if you are a student loan borrower who is really struggling to make those monthly student loan payments," she adds.

Hahnel encourages borrowers to have a plan. They should make sure they know who their loan servicers are and how much they owe. Then, they can work out a payment plan that fits in with their budget. She also highlights that some employers offer forgiveness.

Watch the video above to hear who should be considering taking out student loans.

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This post was written by Melanie Riehl