President Biden's Education Department pushes ahead with new federal rules that would provide additional student loan forgiveness to 8 million borrowers facing financial hardship in the final weeks before President-elect Trump takes office I'm trying.
If confirmed, new rules Grants one-time student loan forgiveness to people the department deems to have at least an 80% chance of defaulting on their loans, based on a “predictive assessment using existing borrower data.” It turns out.
The rules would also allow people, including potential “prospective borrowers”, to apply for relief, which would be granted based on a “comprehensive assessment of the borrower's predicament.”
Negotiations on higher education rules for 2023-2024 began last year, and the latest rules could be discussed by the committee as early as November 2023. However, the rule was not proposed until October 31st and is being considered through a public notice and comment period. Scheduled to end on December 2nd.
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Melissa Byrne of We the 45 Million speaks at a press conference outside an appellate hearing seeking to block a Republican attorney general's income-based student loan repayment plan on October 24, 2024 in St. Paul, Minnesota. SAVE). (Getty Images)
“For too long, our country's broken student loan system has made it extremely difficult for borrowers facing heartbreaking and financially devastating hardship to receive relief,” said Miguel Cardona, the U.S. Secretary of Education. , and that is not correct.” “The rules proposed by the Biden-Harris Administration today offer hope to millions of struggling Americans who may be eligible for student loan relief.”
Some of Mr. Biden's previous attempts to wipe out student debt have been rejected by courts as overreach, and even though federal rulemaking typically takes months or years to complete, Biden The regime is not yet complete. Dissuaded Americans from launching additional efforts to eliminate their student loan debt in the last few weeks.
President Biden speaks at an event in Madison, Wisconsin, April 8, 2024. (Getty Images)
In 2023, Biden announced his administration's biggest effort to wipe out student debt for millions of borrowers through a new “SAVE” plan that reduces debt burdens for borrowers based on their financial circumstances. But the effort was rejected by the Supreme Court, which ruled that Biden did not have the authority to unilaterally forgive hundreds of billions of dollars in student loans under a 2003 federal law.
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In addition to the SAVE program, other efforts by the Biden administration to cancel student debt relief are still pending in court.
president biden (Getty Images)
President-elect Trump said Biden's attempt to wipe out debt for student loan borrowers is a “complete disaster.”
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“They didn't even come close to getting student loans,” President Trump said during a September debate with Vice President Kamala Harris, referring to the court's rejection of Biden's student loan forgiveness efforts. .
“They made a mockery of young people and a lot of people with mortgages. There's no way they could approve of this.”
The White House did not respond to requests for comment on the record when contacted by FOX News Digital.
