Education Department Offers More Insights Into New Debt Relief Plan

The Education Department clarified Wednesday what kind of debt relief it’s considering after an advisory committee pushed for more specifics. Essentially, the department wants to cancel some or all of borrowers’ outstanding loan balances if they fall into certain categories, such as spending several years in repayment or experiencing hardship. Following that clarification, the 16-member advisory committee tasked to negotiate with the department over its plan started to dig more into the specifics of how to provide that relief—and which borrowers will get it.