More Student Loan Debt Relief: Biden-Harris Administration Releases First Set of Draft Rules to Provide Debt Relief to Millions of Borrowers

The Biden-Harris Administration today released its first set of draft rules that propose to provide student debt relief for tens of millions of borrowers across the country. These plans were announced last week by President Biden in Madison, Wisconsin. If implemented as proposed, these plans, and others announced by the President, would bring the total number of borrowers getting relief under the Biden-Harris Administration to more than 30 million. To date, the Biden-Harris Administration has taken historic action to approve debt cancellation for nearly 4.3 million borrowers, totaling $153 billion in debt forgiveness through various actions.  “This announcement shows that the Biden-Harris Administration is continuing to fulfill our promises to fix a broken higher education system,” said U.S. Secretary of Education Miguel Cardona. “Student loan forgiveness isn’t only about relief for today’s borrowers. It’s about social mobility, economic prosperity, and creating America that lives up to its highest ideals.”  The rules will be formally published in the Federal Register on Wednesday, April 17 for a 30-day comment period. The U.S. Department of Education (Department) will carefully consider comments received and aims to finalize these rules in time to start delivering relief this fall, including for borrowers who have been subject...