President Biden is nearing decisions on key student loan relief initiatives including a possible extension of the student loan pause into 2023, and enacting some form of broad student loan forgiveness.
Education Department to Release New Student Loan Repayment Plan Soon
Part of the Education Department’s overhaul of federal student loan programs will also include the creation of a new income-driven repayment plan — a type of plan tied to a borrower’s income. Advocates for borrowers have long complained that the current patchwork of IDR options is confusing and inadequate, and can effectively trap borrowers in debt for decades.
The Biden administration did not include a new IDR proposal with its release of proposed new regulations earlier in July. But top Education Department officials now expect the plan to be released “.” The new IDR plan should be available to borrowers by July 2023, along with the other student loan reforms that are part of the Department’s broad regulatory overhaul. This could be another reason for the administration to push out the student loan payment pause to 2023.
pushed by student loan borrower advocates and progressives in Congress that a provision of the Higher Education Act confers broad authority on the Secretary of Education to cancel federal student debt. While officials have emphasized that Biden has not made any decision yet on broad student loan forgiveness, the court filing could be a sign of the administration’s position on Biden’s potential legal authority.
“As far as [student] loan cancellation, [President Biden] understands what this means for families, how burdensome this can be,” said White House Press Secretary Karine Jean-Pierre yesterday. “He said himself, by the end of August, so that's right around the corner... He'll make a decision."
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