11/01/2023

What to Know about Biden’s Newest Student Loan Forgiveness Effort

Dept of Ed is negotiating changes to the HEA to deliver debt cancellation

The Biden Administration plans to follow through on its promise to expand student loan forgiveness under the Higher Education Act (HEA) in a move that will help borrowers who fit criteria outlined in four specific categories, including those who now owe more than what they borrowed due to interest.

The Department of Education (DOE) announced on Monday that it was negotiating changes to the HEA to deliver debt cancellation, though the exact parameters of that relief are unclear.

"President Biden and I are committed to helping borrowers who’ve been failed by our country’s broken and unaffordable student loan system," said U.S. Secretary of Education Miguel Cardona in a Monday press release. "We are fighting to ensure that student debt does not stand in the way of opportunity or prevent borrowers from realizing the benefits of their higher education."

Please select this link to read the complete article from TIME.