Student-loan borrowers who qualified for the first debt relief plan are not yet guaranteed relief under Biden's new route
using the HEROES Act of 2003, which allows the Education Secretary to waive or modify student-loan balances in connection with a national emergency, like COVID-19., which does not require a national emergency for relief.that the Education Department can"enforce, pay, compromise, waive, or release any right, title, claim, lien, or demand" related to federal student debt.
The HEROES Act, in contrast, did not require negotiated rulemaking and would have allowed the department to move through implementation much quicker. Given the new standards surrounding the Higher Education Act, it's not yet guaranteed that the same borrowers who benefitted from Biden's first proposal will qualify for the president's new plan.
"The Department will design the parameters of the program with public participation over the coming months," the department'sstated."However, the Secretary has directed his staff to explore policy options for debt relief that will help as many people as possible." It's unclear what those policy options will be at this point, but the department's FAQ stated that"the Secretary has begun a new rulemaking process to consider other ways to provide debt relief to as many working and middle-class borrowers as possible."
Bharat Ramamurti, deputy director of the National Economic Council, also said during a Friday press briefing that"one of the things about the rulemaking process is that we can't actually prejudge its outcome. Part of how we do this process is that we initiate it, we put a proposal on the table, we work with stakeholders to get their input. That ends up shaping the scope of the proposal.
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