Biden Administration Loosens Rules for Student Debt Loan Forgiveness Program
The Biden administration is moving forward with an overhaul of several student debt forgiveness programs, aiming to make it easier for borrowers to get relief if they are duped by their colleges or if they put in a decade of work as public servants.
The Education Department on Monday finalized a package of rules that it proposed earlier this year. The new rules take hold in July and are separate from President Joe Biden’s sweeping student debt forgiveness plan, which has been held up in court amid a legal challenge from Republican-led states.
Education Secretary Miguel Cardona called it a “monumental step” that will make it faster and simpler to get debt relief. “The Biden administration is fixing a broken system and putting borrowers first,” Cardona told reporters on Monday.
