FOR IMMEDIATE RELEASE
February 23, 2024
Contact: Emma Bittner
(972) 510-3395 | Emma.Bittner@younginvincibles.org
Final Negotiated Rulemaking Session for Student Debt Leaves Advocates Feeling Optimistic in Future Relief
(Washington, DC) – Today, the Department of Education concluded the fourth and final negotiated rulemaking for the Student Loan Debt Relief Committee. This final rulemaking session was established after advocates, led by Young Invincibles, urged for action to follow through on the promise of debt relief and address hardships created by student debt.
Specifically addressing regulatory text outlining hardship, the final session ensured critical avenues to debt relief for those who meet hardship indicators through finances, loan history, and education history, amongst other additional expenses. The Department of Education’s hardship rule is a vital step in the right direction and will ensure that tens of millions of borrowers and their families will not be left out of much-needed student loan debt relief efforts.
After months of conversations with the Department of Education, negotiators reached consensus on the hardship regulatory proposal. Advocates feel optimistic about the future of student debt relief promised by President Biden. The fight for broad student debt cancellation is not done, as we await the Notice of Proposed Rulemaking in May. Still, the ongoing discussions have led to progress toward developing tangible solutions for millions of borrowers affected by the debilitating student debt crisis.
In response, Satra D. Taylor, Director Higher Education and Workforce Policy and Advocacy at Young Invincibles said:
“It’s time to finish the job and finally deliver on the promise of transformative student debt relief. We are grateful that the Department of Education listened to advocates and borrowers in our request to extend this rulemaking process and ensure we were not leaving behind the borrowers facing hardship from student debt. We look forward to the proposed rule and hopefully soon after providing the long-delayed relief. ”
In response, Jordan Nellums, Negotiator and Graduate Student at the University of Texas at Austin said:
“I am humbled to have been a negotiator during the Negotiated Rulemaking procedure, sharing my experience and providing the perspective of postsecondary students from across the country. Many borrowers, including myself, pursued higher education because we believe that it is still the great equalizer. For me, higher education opened doors to opportunities that I might not have had otherwise. As the representative on the committee representing Currently Enrolled Student Loan Borrowers, I ensured that students’ voices were heard, and that any debt relief provided to student loan borrowers would also benefit current students.”
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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