Lists steps to correct student loans’ “longstanding failures.”
The Department of Education recently released multiple action steps it will be taking to address the issue of America’s student loan debt. Education officials will be significantly increasing oversight of lenders, ending “forbearance steering,” a manipulation tactic used by some student loan lenders to trap students in monthly payments with high-interest rates. They plan to approve more money for those qualified for federal student debt relief as well.
“Student loans were never meant to be a life sentence, but it’s certainly felt that way for borrowers locked out of debt relief they’re eligible for,” said Secretary of Education Miguel Cardona. “The Department of Education will begin to remedy years of administrative failures that effectively denied the promise of loan forgiveness to certain borrowers enrolled in IDR plans.”
As the Lord Leads, Pray with Us…
- For Secretary Cardona as he manages efforts to provide relief from student loan debt.
- For wisdom for the chief operating officer of the Office of Federal Student Aid.
- That the president and his education advisors would move forward with discernment on the matter of student loan forbearance.
Sources: Department of Education
