Press release per the U.S. Department of Education: “The Biden-Harris Administration marked a critical step forward in its efforts to deliver student debt relief to as many borrowers as possible through negotiated rulemaking under the Higher Education Act, even as extreme House Republicans threaten a government shutdown that would hurt families, communities, and our economy. The U.S. Department of Education (Department) today released an issue paper laying out its initial set of policy considerations to create a path to debt relief for student loan borrowers in need. The paper identifies five questions about distinct categories of affected borrowers for which the Department is seeking feedback. This includes questions about borrowers whose balances are greater than what they originally borrowed, whose loans first entered repayment decades ago, who attended programs that did not provide sufficient financial value, who are eligible for relief under programs like income-driven repayment but have not applied, and borrowers who have experienced financial hardship and need support, but for whom the current student loan system does not adequately address.
“The Biden-Harris Administration has taken unprecedented action to fix the broken student loan system and deliver record amounts of student debt relief,” said U.S. Secretary of Education Miguel Cardona. “Now, we are diligently moving through the regulatory process to advance debt relief for even more borrowers. Today, after considering more than 26,000 public comments on how to tailor this relief, we are releasing this additional information about this effort. We’re committed to standing up for borrowers and making sure that student debt does not stop anyone from climbing the economic ladder and pursuing the American dream.”
