Biden pushes to finalize more student debt relief before end of term, including for 'future borrowers'
The rule was proposed Oct. 31
By Alec Schemmel Fox News
Published November 15, 2024 4:03pm EST
President Biden's Department of Education is trying to push through a new federal rule during the final weeks before President-elect Trump takes over to provide additional student loan forgiveness for 8 million borrowers who face financial hardships.
If finalized, the new rule would authorize student debt forgiveness on a one-time basis for people who the department considers to have at least an 80% chance of defaulting on loans based on a "predictive assessment using existing borrower data."
The rule would also allow people, including potential "future borrowers," to apply for relief that will be awarded based on "a holistic assessment of the borrower’s hardship."
Negotiated rulemaking for higher education between 2023 and 2024 began last year, and this latest rule was discussed in committee as early as November 2023. However, the rule was not proposed until Oct. 31 and is working its way through a public notice and comment period expected to end Dec. 2.
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https://www.foxnews.com/politics/biden-pushes-finalize-more-student-debt-relief-before-end-term-including-future-borrowers
