The Biden administration on Wednesday announced the next steps for student debt relief this fall.
On Thursday, the Department of Education will begin sending emails to borrowers who have at least one outstanding student loan held by the federal government to inform them about possible future relief and whether they would prefer to cancel.
If a borrower decides to cancel their next relief, they cannot reverse their decision and the borrower will be temporarily removed from any loan forgiveness programs until the department evaluates their eligibility. Borrowers will be automatically accepted if they qualify.
“These latest steps will mark the next milestone in our efforts to help millions of borrowers who have been buried under a mountain of student loan interest, or who have gone into debt to pay for college programs that have left them worse off financially, those who have paid off their loans twenty years ago or more, and many others”, said the Secretary of Education, Miguel Cardona.
“The Biden-Harris administration is committed to delivering student debt relief to as many borrowers as possible, as quickly as possible, and today, as we approach the end of a long rulemaking process, we are one step closer to fulfill that promise. ”
The administration stressed that this measure does not guarantee any relief to borrowers, but the negotiated rulemaking process will be completed in the fall.
Borrowers who could be eligible for relief if approved are those who owe more money now than when they started paying their loans, borrowers who have been obligated to pay for decades, those who are eligible for loan forgiveness and have not yet received it. requested and those who signed up for programs of low financial value.
“These rules, if finalized as proposed, would bring the total number of borrowers eligible for student debt relief to more than 30 million, including borrowers who have already been approved for debt cancellation by the Biden-Harris Administration over the past three years,” said the said the administration.
This story originally appeared on thehill.com read the full story
