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Department of Education Responds to Advocates Demands and Releases New Proposal for Student Debt Relief

Posted
Press Releases, Higher Education, California, Colorado, Illinois, National, New York, Other states, Texas

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

Department of Education Responds to Advocates Demands and Releases New Proposal for Student Debt Relief

(Washington, DC) –  Yesterday, the Department of Education (ED) released its proposed regulatory text to address the myriad ways that student debt stifles economic mobility and causes financial hardship for millions of borrowers ahead of the fourth Negotiated Rulemaking session. These draft recommendations are a significant step in the right direction, granting the Secretary of Education the broad authority and flexibility necessary to provide relief from a range of hardship indicators. 

Following demands from Young Invincibles, trusted partners, legislators, and borrowers – the Department of Education will discuss these recommendations at the fourth and final Negotiated Rulemaking sessions on February 22nd and 23rd.

In response, Satra D. Taylor, Director of Higher Education and Workforce Policy and Advocacy at Young Invincibles, said: 

“Millions of borrowers pursued higher education with the promise of economic opportunity but now are faced with lifelong debt. Without these recommendations, the cycle of debt will persist,  hindering access to affordable higher education for communities of color and low- and moderate-income groups.

This proposal brings us closer to fulfilling President Biden’s promise of broad debt relief. Young Invincibles applauds the Department of Education for the proposed hardship rule that could provide millions of borrowers with vital economic opportunity and reprieve. We are eager for discussions to ensure young adults are not a forgotten group for future relief. We look forward to continuing working with the Biden Administration to finish the job and find an equitable solution to this crisis.” 

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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