The Education Department announced a new plan to provide debt cancellation for potentially five groups of student borrowers after broader loan forgiveness was halted by the Supreme Court.
The Biden administration is moving forward with a new path to provide large-scale student loan debt cancellation in the wake of a Supreme Court ruling this summer that struck down President Joe Biden’s controversial debt relief plan.
The Education Department announced Friday that it’s set to begin the formal regulatory process in October to provide debt cancellation for potentially five groups of student loan borrowers – a lengthy process that involves a panel of negotiators who will meet over several months to try to reach a consensus.
The five groups of borrowers department officials are targeting include borrowers whose balances are greater than what they originally borrowed, borrowers whose loans first entered repayment decades ago, borrowers who attended programs that did not provide sufficient financial value, borrowers 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,” Education Secretary Miguel Cardona said in a statement. “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.”
“…borrowers who attended programs that did not provide sufficient financial value.”
Yeah, let’s always bail out those who choose college majors that are useless.
What? Basket weaving and gender studies are not good choices??? LOL I sure wouldn’t want most of the kids today studying to be a doctor-especially now that they will lower standards to be more “inclusive”
Like the last plan – this will not pass Constitutional muster with SCOTUS…. Bring it on!
Still trying to accomplish the only campaign plan with legs. Too bad those old wrinkle ridden legs will not get you to the finish line Joey.
See you in the free cheese line in DE soon enough!