The draft regulatory plans outline what are essentially four separate student debt relief programs for different categories of borrowers.
Some of the proposals are for one-time debt cancellation while others sketch out new programs that would provide student debt relief on an ongoing basis. | Carlos Osorio/APPresident Joe Biden is considering canceling student debt for borrowers whose balances have ballooned because of interest accrual, those who’ve been trying to repay for 25 years and students who attended low-performing colleges, administration officials said on Monday.
Under the proposals, the Education Department would cancel debts owed by borrowers who have seen their balances balloon to greater than what they originally borrowed because of years of interest accrual. It would also wipe away loans that have been in repayment for 25 or more years. The Education Department said it also wants to cancel the debts owed by borrowers facing a “financial hardship,” but it has not yet developed proposals to define what that means. Officials said on Monday that they would solicit ideas from a rulemaking panel on how to structure that fifth plank of the relief program.
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