Biden-Harris Administration Advances Student Debt Relief Initiative

The Biden-Harris Administration announced the next phase in its efforts to provide tens of millions of borrowers with student debt relief. Starting Aug. 1, the U.S. Department of Education will email all borrowers with at least one outstanding federally held student loan, providing updates on potential debt relief and informing them they have until August 30 to opt out if they do not want this relief. The rules that would provide this relief are not yet finalized, and the email does not guarantee specific borrowers will be eligible. The Administration said it would provide additional details this fall. If enacted as proposed, these rules would expand relief efforts, building on the Administration’s existing work that has approved more than $168 billion in student loan relief for nearly 4.8 million borrowers. “Today, the Biden-Harris administration takes another step forward in our drive to deliver student debt relief to borrowers who’ve been failed by a broken system,” said U.S. Secretary of Education Miguel Cardona. “These latest steps will mark the next milestone in our efforts to help millions of borrowers who’ve been buried under a mountain of student loan interest or who took on debt to pay for college programs that left...