Biden Administration Executive Actions Resulting in Modifications for the Federal Student Loan Programs. CRS Report R48152, Version 2
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| Title: | Biden Administration Executive Actions Resulting in Modifications for the Federal Student Loan Programs. CRS Report R48152, Version 2 |
|---|---|
| Language: | English |
| Authors: | Alexandra Hegji, Sean M. Stiff, Library of Congress, Congressional Research Service (CRS) |
| Source: | Congressional Research Service. 2024. |
| Availability: | Congressional Research Service. Web site: https://crsreports.congress.gov/ |
| Peer Reviewed: | N |
| Page Count: | 30 |
| Publication Date: | 2024 |
| Intended Audience: | Policymakers |
| Document Type: | Reports - Descriptive |
| Descriptors: | Student Loan Programs, Federal Programs, Debt (Financial), Student Costs, Federal Legislation, Program Development, COVID-19, Pandemics |
| Abstract: | Outstanding federal student loan debt exceeds $1.6 trillion and is owed by about 45 million borrowers. Since taking office, the Biden Administration has taken various actions to address student loan debt. These actions have ranged in scope (both in terms of borrower populations affected and associated modification costs), rationales, and the avenues through which they were taken (e.g., formal rulemaking procedures, issuance of guidance). A primary criticism of many of the actions the Biden Administration has taken relate to these actions' costs to the federal government. In contrast, supporters contend that these actions help address borrower difficulty in managing and repaying student loan debt. This report compiles executive actions taken during the Biden Administration that have affected the costs of outstanding federal student loans. It begins by briefly describing relevant federal student loan programs. It then explains the methodology CRS used to compile the list of executive actions. Next, the report discusses accounting for the costs of federal student loan programs, including discussion of the Federal Credit Reform Act of 1990 (FCRA) because CRS's methodology relies on how the U.S. Department of Education (ED) accounts for the costs of the student loan programs under this act. Finally, the report lists and describes executive actions taken in FY2021-FY2023 that ED recognized as affecting the cost of outstanding federal student loans and provides ED's cost estimate for each action. Table 1 summarizes each of these actions and their modification costs. Table 2 presents net modification costs for the relevant federal student loan programs for FY2021-FY2023. |
| Abstractor: | ERIC |
| Entry Date: | 2024 |
| Accession Number: | ED657683 |
| Database: | ERIC |
| FullText | Text: Availability: 0 CustomLinks: – Url: https://eric.ed.gov/contentdelivery/servlet/ERICServlet?accno=ED657683 Name: ERIC Full Text Category: fullText Text: Full Text from ERIC |
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| Header | DbId: eric DbLabel: ERIC An: ED657683 AccessLevel: 3 PubType: Report PubTypeId: report PreciseRelevancyScore: 0 |
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| Items | – Name: Title Label: Title Group: Ti Data: Biden Administration Executive Actions Resulting in Modifications for the Federal Student Loan Programs. CRS Report R48152, Version 2 – Name: Language Label: Language Group: Lang Data: English – Name: Author Label: Authors Group: Au Data: <searchLink fieldCode="AR" term="%22Alexandra+Hegji%22">Alexandra Hegji</searchLink><br /><searchLink fieldCode="AR" term="%22Sean+M%2E+Stiff%22">Sean M. Stiff</searchLink><br /><searchLink fieldCode="AR" term="%22Library+of+Congress%2C+Congressional+Research+Service+%28CRS%29%22">Library of Congress, Congressional Research Service (CRS)</searchLink> – Name: TitleSource Label: Source Group: Src Data: <searchLink fieldCode="SO" term="%22Congressional+Research+Service%22"><i>Congressional Research Service</i></searchLink>. 2024. – Name: Avail Label: Availability Group: Avail Data: Congressional Research Service. Web site: https://crsreports.congress.gov/ – Name: PeerReviewed Label: Peer Reviewed Group: SrcInfo Data: N – Name: Pages Label: Page Count Group: Src Data: 30 – Name: DatePubCY Label: Publication Date Group: Date Data: 2024 – Name: Audience Label: Intended Audience Group: Audnce Data: Policymakers – Name: TypeDocument Label: Document Type Group: TypDoc Data: Reports - Descriptive – Name: Subject Label: Descriptors Group: Su Data: <searchLink fieldCode="DE" term="%22Student+Loan+Programs%22">Student Loan Programs</searchLink><br /><searchLink fieldCode="DE" term="%22Federal+Programs%22">Federal Programs</searchLink><br /><searchLink fieldCode="DE" term="%22Debt+%28Financial%29%22">Debt (Financial)</searchLink><br /><searchLink fieldCode="DE" term="%22Student+Costs%22">Student Costs</searchLink><br /><searchLink fieldCode="DE" term="%22Federal+Legislation%22">Federal Legislation</searchLink><br /><searchLink fieldCode="DE" term="%22Program+Development%22">Program Development</searchLink><br /><searchLink fieldCode="DE" term="%22COVID-19%22">COVID-19</searchLink><br /><searchLink fieldCode="DE" term="%22Pandemics%22">Pandemics</searchLink> – Name: Abstract Label: Abstract Group: Ab Data: Outstanding federal student loan debt exceeds $1.6 trillion and is owed by about 45 million borrowers. Since taking office, the Biden Administration has taken various actions to address student loan debt. These actions have ranged in scope (both in terms of borrower populations affected and associated modification costs), rationales, and the avenues through which they were taken (e.g., formal rulemaking procedures, issuance of guidance). A primary criticism of many of the actions the Biden Administration has taken relate to these actions' costs to the federal government. In contrast, supporters contend that these actions help address borrower difficulty in managing and repaying student loan debt. This report compiles executive actions taken during the Biden Administration that have affected the costs of outstanding federal student loans. It begins by briefly describing relevant federal student loan programs. It then explains the methodology CRS used to compile the list of executive actions. Next, the report discusses accounting for the costs of federal student loan programs, including discussion of the Federal Credit Reform Act of 1990 (FCRA) because CRS's methodology relies on how the U.S. Department of Education (ED) accounts for the costs of the student loan programs under this act. Finally, the report lists and describes executive actions taken in FY2021-FY2023 that ED recognized as affecting the cost of outstanding federal student loans and provides ED's cost estimate for each action. Table 1 summarizes each of these actions and their modification costs. Table 2 presents net modification costs for the relevant federal student loan programs for FY2021-FY2023. – Name: AbstractInfo Label: Abstractor Group: Ab Data: ERIC – Name: DateEntry Label: Entry Date Group: Date Data: 2024 – Name: AN Label: Accession Number Group: ID Data: ED657683 |
| PLink | https://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=eric&AN=ED657683 |
| RecordInfo | BibRecord: BibEntity: Languages: – Text: English PhysicalDescription: Pagination: PageCount: 30 Subjects: – SubjectFull: Student Loan Programs Type: general – SubjectFull: Federal Programs Type: general – SubjectFull: Debt (Financial) Type: general – SubjectFull: Student Costs Type: general – SubjectFull: Federal Legislation Type: general – SubjectFull: Program Development Type: general – SubjectFull: COVID-19 Type: general – SubjectFull: Pandemics Type: general Titles: – TitleFull: Biden Administration Executive Actions Resulting in Modifications for the Federal Student Loan Programs. CRS Report R48152, Version 2 Type: main BibRelationships: HasContributorRelationships: – PersonEntity: Name: NameFull: Library of Congress, Congressional Research Service (CRS) – PersonEntity: Name: NameFull: Alexandra Hegji – PersonEntity: Name: NameFull: Sean M. Stiff IsPartOfRelationships: – BibEntity: Dates: – D: 12 M: 08 Type: published Y: 2024 Titles: – TitleFull: Congressional Research Service Type: main |
| ResultId | 1 |
