In a further effort to ease the burden of student debt, the Biden-Harris administration has scheduled an additional negotiated rulemaking session on February 22nd and 23rd. This session will solely focus on giving assistance to borrowers in need, representing a critical continuation of the Administration’s commitment to addressing the student debt crisis.
Last summer, the administration launched this regulatory procedure intending to provide student debt relief to a wide range of borrowers. With nearly $136.6 billion in targeted relief already approved for more than 3.7 million Americans, the forthcoming session demonstrates the commitment to providing effective answers.
Under Secretary James Kvaal affirmed the Administration’s unflinching commitment, saying, “The Biden-Harris Administration will never stop working to provide student debt relief to borrowers.” The virtual meetings, which will run from 10 a.m. to 4 p.m. Eastern time, will deliver regulation text about hardship problems that will be made available at least a week in advance for consideration by negotiators and the public.
Notably, one hour of public discussion from 3 p.m. to 4 p.m. will be allowed at the end of the first day to ensure transparency and public participation in decision-making.
The Department is working on draft guidelines that address issues raised in prior sessions, such as relief for borrowers with large loads, those who commenced repayment years ago, and persons who are eligible for relief but have yet to apply. However, these problems will not be addressed during the forthcoming session, as the Department has already sought consensus on their regulatory text.
The Biden-Harris administration’s dedication goes beyond the impending rulemaking session. Updates on the negotiated rulemaking process, including transcripts and archived videos, will be made available to the public. Those interested can register to attend sessions or deliver public testimony, and they will have the option to submit written comments on draft rules when they are published later this year.
Today’s announcement complements the Administration’s ongoing efforts to improve the student loan program and make higher education more accessible. With nearly $136.6 billion in relief granted for 3.7 million borrowers, the Administration has addressed issues such as forbearance abuse, Public Service Loan Forgiveness (PSLF) reforms, disability relief, and assistance for those harmed by school closures or fraud.
The Biden-Harris Administration has continued to focus on college affordability, implementing measures such as the SAVE Plan, the greatest Pell Grant increase in a decade, and plans to double the maximum Pell Grant.
Furthermore, the Administration intends to make community colleges free by holding institutions accountable for unsustainable debts under recent regulations that establish requirements for graduate incomes and debt outcomes.
