The US government has released a draft of new federal rules aimed at providing targeted student loan relief to specific groups of borrowers. The proposal focuses on vulnerable individuals who owe a significant amount or have low income, making it difficult for them to repay their loans. The plan also includes provisions for borrowers with high loan balances, those who have been in repayment for 25 or more years, and those who attended career-training programs that resulted in excessive debt or insufficient earnings. Additionally, the proposal aims to address the financial hardships faced by borrowers that are not adequately addressed by the current student loan system.
that would target specific groups of borrowers — those with soaring interest, for example — rather than a sweeping plan like the one the Supreme Court rejected in June.on Monday released a draft of new federal rules paving the way for a second attempt at student loan relief . The proposal targets groups that are seen as especially vulnerable, focusing on those who owe so much, or make so little income, that they otherwise may never repay their loans.
The department says it will continue to refine the proposal as it goes through a federal rulemaking process. The public will be able to provide written feedback next year.For those who started repaying loans more than 25 years ago, the proposal says that “the secretary may waive the outstanding balance of a loan” — amounting to total cancellation. It's the same for borrowers who are eligible for other cancellation programs but haven't applied.
Even a more limited plan for relief is sure to draw fierce opposition from Republicans, who see cancellation as an unfair burden on taxpayers. The committee is made up of negotiators who represent a range of viewpoints on student loans. It includes students and officials from a range of colleges, along with loan servicers, state officials and advocates including the NAACP.At the end of the process, negotiators will vote on a proposed rule. If they reach consensus, the department will move forward with it. If they don’t, the agency will propose its own plan, which can be finalized after a public comment period.
Student Loan Relief Federal Rules Targeted Borrowers Vulnerable Individuals Loan Forgiveness Financial Hardship Education
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