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Fourth Negotiated Rulemaking Session Established After Call From Advocates and Borrowers

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

FOR IMMEDIATE RELEASE
January 31, 2024
Contact: Emma Bittner
(972) 510-3395 | Emma.Bittner@younginvincibles.org

Fourth Negotiated Rulemaking Session Established After Call From Advocates and Borrowers

(Washington, DC) –  Today, the Department of Education (ED) announced they will have a fourth Negotiated Rulemaking session regarding President Biden’s new rule for student debt cancellation. This announcement comes after advocates, led by Young Invincibles, submitted a coalition letter to the Department of Education urging for action to follow through on the promise to cancel student debt. The coalition letter also received support from several members of congress.

Despite diligent efforts from negotiators and advocates, the Department of Education failed to provide regulatory text on its plan to support borrowers experiencing hardships before the conclusion of the third session. The fourth session is imperative to ensure that hardships created by student debt are addressed and finish the job to provide relief for millions of borrowers. 

Young Invincibles was a leader in the call for a fourth session and applauds the department for listening to advocates and borrowers, prioritizing a solution to secure the much needed relief for millions of borrowers nationwide. 

The fourth, and final, Negotiated Rulemaking session will be held February 22nd and 23rd.

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

“It’s time to finish the job and cancel student debt. The initial Negotiated Rulemaking session failed to deliver the widespread debt relief that President Biden has promised the American people. The fourth session provides a new chance for the Department of Education to do right by borrowers. We are thrilled the Department of Education followed through on our call for urgent action and listened to the 67 organizations, borrowers and advocates fighting for what they were promised: widespread student debt cancellation.  

Our work is far from done. We will continue to fight for equitable relief and ensure that hardships created by student debt are addressed.”

In response, Jada Sanford, Negotiator and recent Alum from Stephen F. Austin University said: 

“Negotiators ended the initial Negotiated Rulemaking session frustrated and disappointed. After several attempts to ensure equitable relief was provided, our cries were left unanswered. Student loans continue to prevent young adults from being able to achieve financial freedom, and a solution must be implemented urgently.

I am pleased to hear the Department of Education listened to borrowers and young adults like myself and is following through with a fourth session to address the hardships created by student debt and finally provide relief.”

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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