Biden-Harris Administration Releases Draft Rules Proposing Student Debt Relief for Tens of Millions of Borrowers
The Biden administration announced today its first set of draft rules proposing billions in student debt forgiveness to more than 30 million borrowers, including those whose balances have grown from accrued interest and who have been in repayment for years.
In response, Mitria Spotser, vice president and federal policy director at the Center for Responsible Lending (CRL), made the following statement:
“For years, CRL has advocated for the elimination of accrued interest that prevents millions of low-income borrowers from repaying their loans and breaking free from a cycle of debt.
“We applaud President Biden’s genuine efforts to recognize the burden carried by those who owe more than they originally borrowed due to the interest accrued on their federal loans and thank the administration for incorporating CRL’s recommendations into its interest relief proposal. These commonsense rules announced today ensure a higher education system that is fairer and more accessible to all.”
Additional Background:
It’s totally absurd that the taxpayers should be expected to pay off debt legally acquired by students. This is clearly THEIR responsibility not the taxpayers. And besides, the Supreme Court told Biden he could not do this, how is it possible that Biden can ignore the Supreme Court? And he calls Trump a threat to democracy.