Round-up: Biden Administration Proposes New Loan Forgiveness Initiative

Student loan borrowers whose balances have ballooned because of interest accrual, have been trying to repay for 25 years, and students who attended low-performing colleges could see their debt reduced or forgiven under a new proposal from the Education Department released Monday.  The new proposal, part of a negotiated rulemaking process, comes in the wake of the Supreme Court decision in June striking down the Biden Administration’s attempt at mass loan forgiveness.

The draft regulatory plans outline what are essentially four separate student debt relief programs targeted at different categories of borrowers. Some of the proposals are for one-time debt cancellation while others sketch out new programs that would provide student debt relief on an ongoing basis.
 
Below are select reports on the new plan:
 
Biden-Harris Administration Continues Efforts to Provide Debt Relief for More Student Loan Borrowers
U.S. Department of Education (October 30, 2023)
 
Biden Administration Details Plan for Broader Debt Relief
Inside Higher Ed (October 31, 2023)
 
Biden Administration Proposes Narrower Path to Student Loan Relief
The Washington Post (October 30, 2023)
 
Biden's Student Loan Forgiveness Plan B Zeroes In on Eligibility: Here's Who Could Qualify
USA Today (October 31, 2023)
 
White House Details Draft Plans for Next Student Debt Relief Plan
Politico.com (October 30, 2023)
 
Biden Administration Moves Toward a Narrower Student Loan Relief Targeting Groups of Borrowers
PBS NewsHour.org  (October 30, 2023)
 
Student Loan Errors Prompt $7.2M Penalty
Inside Higher Ed (October 30, 2023)