The Department of Justice has released new guidance that aims to make it easier to have federal student loan debt discharged in bankruptcy – a particularly difficult legal process under the previous policy.
The Department of Justice released new guidance Thursday that aims to make it easier to have federal student loan debt discharged in bankruptcy – a particularly difficult legal process under the previous policy. Unlike credit card, medical and other consumer debts, student loan borrowers must show that paying off the debt would cause them “undue hardship.” Removing that legal requirement would require an act of Congress.
The Department of Justice is appealing the judge’s decision, but for now, the administration is not allowed to cancel any debt under the program, which intended to grant up to $20,000 in student loan relief for millions of borrowers. Payments on federal student loans are set to resume in January as a yearslong pause is scheduled to end, unless the Biden administration decides to extend that pandemic-related benefit.
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