FOR IMMEDIATE RELEASE
April 16, 2024
Contact: Emma Bittner
(972) 510-3395 | Emma.Bittner@younginvincibles.org

Biden-Harris Administration Announces First Set of Draft Rules For Future Student Debt Relief Plan

(Washington, DC) – Today, the Biden-Harris Administration proposed its first set of draft rules to alleviate the student debt burden for tens of millions of borrowers. This comes two months after the conclusion of Negotiated Rulemaking and one week after the announcement of this series of new plans to tackle student debt relief for borrowers nationwide. The rules will be formally published on April 17th, followed by a 30-day comment period.

The Notice of Proposed Rulemaking (NPRM) provides solutions and relief for borrowers who are burdened by runaway interest, borrowers who entered repayment at least 20 years ago, borrowers eligible for debt relief under an Income-Driven Repayment Plan, Public Service Loan Forgiveness, or other relief programs but who are not enrolled, and borrowers enrolled in low-financial-value programs or institutions.

This set of draft rules pushes the Biden-Harris Administration’s historic student debt cancellation total to $153 billion for nearly 4.3 million borrowers. This is another step towards substantial student debt cancellation, and we look forward to the second draft rule, which will emphasize providing relief for borrowers experiencing hardship.

As draft rules and pieces of the Biden-Harris Administration’s plan to cancel student debt are released, Young Invincibles is committed to ensuring young adult borrowers are up to date and well-informed about a path to cancellation. Join our Thought Leaders Town Hall today for a deep dive into the current state of student debt cancellation and the answers to your questions.

In response, Kristin McGuire, Executive Director of Young Invincibles, said:

“Borrowers and their families have waited long enough for their promised relief. This new set of rules brings us one step closer to finishing the job on student debt cancellation and relieving the all-consuming burden of crushing student debt. Now, borrowers have the opportunity to weigh in on the process and share how necessary this cancellation is to their financial and overall well-being.

While this new set of rules makes significant strides towards cancellation, more must be done to ensure young borrowers, especially those facing hardship, see considerable relief. Young Invincibles will continue to push for swift student debt cancellation for the tens of millions of borrowers crushed by this debt.”

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Young Invincibles (YI) is a national advocacy and policy nonprofit organization focused on amplifying the voice of young people in the political process at the local, state, and federal levels. YI focuses on issues impacting young adults ages 18 to 34 in higher education, health care, economic security, and civic engagement. Our offices include Washington, D.C., California, Colorado, Illinois, New York, and Texas. For more information, please contact Emma Bittner at (972) 510-3395 or emma.bittner@younginvincibles.org