Biden's administration just kicked off the process to get student-loan forgiveness to millions of borrowers, vowing to 'work as quickly as possible under the law'
using the HEROES Act of 2003, ruling that that law was an overreach of authority and could not be used to relieve borrowers' debts in connection with the pandemic.to go through the negotiated rulemaking process
, in which the administration has to solicit public comment and hold hearings to receive feedback from stakeholders that will shape Biden's final proposal. At the beginning of the public hearing, Under Secretary of Education James Kvaal said that the administration's"goal is to provide debt relief to borrowers, particularly those working- and middle-class borrowers who need it most, and to recognize that far too many student loan borrowers are left with unaffordable, unreasonable, and unacceptable debts."
"We want to help borrowers who were let down by the fundamental bargain of federal student loans—that investments in yourself and your education will help lead you to a better life," Kvaal said."By those who have seen their debts get out of hand, even as they make the payments we ask of them. We will help as many borrowers as possible, and we will work as quickly as possible under the law.
Following the public hearing, the department will announce dates for negotiation sessions and it anticipates holding three sessions at"roughly 4-week intervals,"
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