The Education Department held a public hearing on a proposed rule that would create an alternative path to debt relief for many working and middle-class borrowers.
The Biden administration on Tuesday took further steps toward canceling tens of billions of dollars in student loan debt. The Biden administration on Tuesday took further steps toward canceling tens of billions of dollars in student loan debt
The moves follow the Supreme Court’s ruling last month that the Biden administration lacked the authority to cancel about $400 billion in student loan debt “We remain committed to the idea that a college credential is one of the best tools for building a stronger America. But we cannot bury the dreams unlocked by college under mountains of unaffordable debt,” Education Under Secretary James Kvaal said at the start of Tuesday’s virtual public hearing. “Through this process we will work swiftly and tirelessly to make that relief a reality for borrowers.
“Our goal is to provide debt relief to borrowers, particularly those working- and middle-class borrowers who need it most,” Kvaal said. “To recognize that far too many student loan borrowers are left with unaffordable, unreasonable, and unacceptable debts.” “I have long said that college should be a ticket to the middle class, not a burden that weighs down on families for decades,” Biden said last week.
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