Biden’s new plans for widespread student loan forgiveness: What we know so far
The administration is looking at other options for debt forgiveness but don’t expect it to come before the next presidential election.
The original plans for student debt cancellation may be dead but don’t rule it out of the future. At least, those are the sounds coming out of President Biden’s camp.
Using a process called negotiated rulemaking, the Education Department will bring together a wide range of voices to craft its new policy.
However, this will take a long time. In 2018, this method took two years for the effort to come to a final decision. This means a ruling could come after the 2024 presidential election with more promises by Joe Biden on student debt that may ultimately be unfulfilled.
What is the Biden Administration putting forward?
At present, nothing. The negotiated rulemaking process will begin in October with a fourteen-strong committee. The Department has asked for individuals to contact them by email at firstname.lastname@example.org.
There is a large amount of people the Department wants to involve:
After the members have been selected, the committee will meet virtually on 10-11 October, 6-7 November and 11-12 December to discuss ideas for regulatory reform. The meetings will be open to the public.