![]() 23, during which the negotiating committee will focus exclusively on financially strapped borrowers. said it will hold an additional rulemaking session on Feb. The Biden administration seems to have heard those worries. ![]() "We are concerned that, without full consideration of cancellation targeted toward borrowers facing financial hardship, the rule will not provide adequate debt relief for the most vulnerable borrowers," the lawmakers said. 24., pressuring him to still consider struggling borrowers for relief. Secretary of Education Miguel Cardona on Jan. Shortly after the rulemaking sessions, lawmakers including Sen. While Biden first attempted to cancel student debt through an executive order, he has now turned to the rulemaking process. "The ideas we are outlining today will allow us to help struggling borrowers who are experiencing hardships in their lives, and they are part of President Biden's overall plan to give breathing room to as many student loan borrowers as possible," Department of Education Undersecretary James Kvaal said in a statement.Īt one point, it seemed possible that the "financial hardship" category had been dropped from what has become known as Biden's Plan B for student loan forgiveness. More from Personal Finance: Why the 'last mile' of inflation fight may be tough Why disinflation is 'more ideal' than deflation Workers may be unfairly sour on the job market It also said that financial hardship could be based on other debt obligations, disability, or age, among other factors. Department of Education outlined on Thursday a set of factors that could identify struggling borrowers, such as those with student loan balances and required payments that are unreasonable relative to their household income, and people with high child-care and health-care expenses. Its new proposal concerns borrowers experiencing financial hardship, the category that has remained the most vague. Personal Loans for 670 Credit Score or Lower Personal Loans for 580 Credit Score or Lower Best Debt Consolidation Loans for Bad Credit
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