A virtual hearing kicked off the Education Department’s process for crafting new regulations that cancel debt under provisions of the Higher Education Act.
Biden administration officials have publicly offered few details about how they intend to structure the new program. | Alex Wong/Getty ImagesThe Biden administration’s second attempt at canceling large swaths of student debt will be aimed at helping “borrowers who need it the most,” according to a top Education Department official.
“Our goal is to provide debt relief to borrowers, particularly those working- and middle-class borrowers who need it the most,” Kvaal said in opening remarks at a public hearing Tuesday. He added that “far too many student loan borrowers have been left with debts that are unaffordable, unreasonable, and unacceptable.”
Biden administration officials have publicly offered few details about how they intend to structure the new program. They’ve also declined to commit to making sure that borrowers who were promised debt relief under the first program would continue to be eligible for relief under the new program. “We want to help borrowers who were let down by the fundamental bargain of federal loans: that investments in yourself and your education will help you get a better life,” Kvaal said on Tuesday. “We want to help those who have seen their debts get out of hand, even as they make the payments that we asked.”
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