'It's moral hazard if you're only doing debt relief, but I believe we're balancing it out with accountability on colleges,' says Education Secretary Miguel Cardona.
Secretary of Education Miguel Cardona answers questions during the daily briefing at the White House Aug. 5, 2021, in Washington, D.C.On Wednesday, the federal Education Department zeroed out loan balances for nearly 153,000 borrowers. They are people who borrowed $12,000 or less, have been paying their student loans for at least 10 years, and enrolled in the Biden administration's
Would you explain how your authority is different when relying on this 1965 law than it had been under the law the Supreme Court rejected for you? We're using the regulatory process, which we believe includes public comment and negotiations with folks that don't agree with us. So we do believe through this process it can continue, but we recognize that no matter what turn we make, we're going to have folks challenging it. There are some that benefit from the system the way it was and I expect to hear from them. And, if I don't hear from them, that means I'm not pushing hard enough.
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