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Political and Legislative

The Biden Administration Announces Sweeping Changes to Federal Student Loans

The Biden administration on Wednesday announced several new proposed changes to the federal student loan system, including measures that help discharge loans for physically and mentally disabled borrowers, limit interest capitalization rates, and help borrowers working as public service employees to earn forgiveness on their loans.

In a statement unveiling the proposed expansion of student loan discharge programs, the Department of Education said it expected to finalize a full plan by Nov. 1, with the aim to have the changes take effect no later than July 1.

Secretary of Education Miguel Cardona said in the statement that proposed changes “will protect borrowers and save them time, money, and frustration, and will hold their colleges responsible for wrongdoing.”

Read the source article at The Hill

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