Calls for the Biden administration to use the Higher Education Act to continue loan forgiveness were made after the Supreme Court struck down his plan for student debt relief.
The President must use every tool available.In a social media post, Secretary Cardona said the administration remains"fully committed to ensuring students can earn a postsecondary education, and build fulfilling careers without the burden of student loan debt blocking them from opportunity."On Nov. 8, 1965, President Lydon Johnson signed the Higher Education Act into law saying,"Higher education is no longer a luxury, but a necessity.
The law was designed to ensure every American –regardless of income or background– would have access to higher education. The law governs financial assistance for postsecondary and higher education students, scholarships and work-study programs. The law also supports teacher training, community service and library programs. The most far-reaching and essential component, however, was the establishment of low-interest federal student loans. These loans are made by the government using federal capital.
However, the act must go through negotiated rule-making to make changes to administrative regulations — a process that could take a year or longer. "It's subject to federal regulatory review and comment. That's a much longer process," CBS News chief Washington correspondent Major Garrett explained."When the president said it's going to take a while, they'll move as fast as they can — they can only move as fast as that regulatory process, which has very specific guidelines and hurdles, can go."
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