The Biden administration released a final rule that streamlines ways for borrowers to win full relief from their student loan obligations, and helps them reduce higher balances.
Foundation for Research on Equal Opportunity Senior Fellow Preston Cooper argues Biden's student loan handout will force the Fed to raise rates.
"Today is a monumental step forward in the Biden-Harris team’s efforts to fix a broken student loan system and build one that’s simpler, fairer and more accountable to borrowers," said Education Secretary Miguel Cardona. "These transformational changes will protect students who’ve been cheated by their colleges from the bureaucratic nightmares of the past and ensure that all our targeted debt relief programs live up to the promises made by Congress in the Higher Education Act.
To win relief, the Department of Education "must conclude, based upon a preponderance of the evidence, that the act or omission occurred and that it caused detriment to the borrower that warrants relief."
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