Biden Administration to Make It Easier to Dismiss Student Loans in Bankruptcy

The Biden administration released new guidelines that will make it easier for economically distressed student loan borrowers to discharge their student debt in bankruptcy proceedings

The Biden administration on Thursday released new guidelines that will make it easier for economically distressedThe long-awaited guidelines from the Justice Department and Education Department set specific requirements for borrowers to prove that they are experiencing economic distress.

The government will calculate whether a debtor’s expenses equal or exceed a debtor’s income, and if they do, the Justice Department will declare that the borrower is unable to pay their debts.

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