President Joe Biden is trying to provide more student relief to four specific groups of borrowers by, in some cases, expanding existing mechanisms for forgiveness and discharges.
The White House and the Department of Education released draft regulatory language for debt relief using the rulemaking process under the Higher Education Act on Monday. This includes the following four groups of borrowers:
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Borrowers who have loan balances that exceed what they originally borrowed;
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Borrowers who first entered repayment 25 or more years ago;
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Borrowers who took out loans to attend career-training programs that caused unreasonable debt, insufficient earnings for graduates, and those that went to schools with unacceptably high student loan def…
Read the full article at: https://finance.yahoo.com/news/student-loans-biden-releases-early-look-at-debt-relief-through-rulemaking-process-224012343.html