The agency proposes canceling debt accrued by high interest rates and long payment plans.
The Department of Education released a draft this week of the next wave of proposed student loan relief, opening the rule to 30 days of public comment.
This student loan forgiveness proposal focuses on reducing interest accumulation and eliminating debt for borrowers past their 20th year of loan enrollment. If the rule goes into effect, it will impact millions of qualified borrowers.
“Today’s announcement shows that the Biden-Harris Administration is continuing to fulfill our promises to fix a broken higher education system,” said Secretary Miguel Cardona. “Student loan forgiveness isn’t only about relief for today’s borrowers. It’s about social mobility, economic prosperity, and creating America that lives up to its highest ideals.”
As the Lord Leads, Pray with Us…
- For Secretary Cardona to seek God’s direction as he heads the Education Department and advocates for federal student loan debt forgiveness.
- For the president and his economic advisors to be prudent in their assessments of the government’s spending and revenue.
Sources: Department of Education
