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The Biden Administration's Student Loan Debt Relief Rulemaking. CRS Report R48156, Version 3

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Title: The Biden Administration's Student Loan Debt Relief Rulemaking. CRS Report R48156, Version 3
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: 37
Publication Date: 2024
Intended Audience: Policymakers
Document Type: Reports - Descriptive
Education Level: Higher Education
Postsecondary Education
Descriptors: Student Loan Programs, Debt (Financial), Loan Repayment, Federal Aid, Accountability, Higher Education, Federal Legislation, Educational Legislation, Loan Default
Laws, Policies and Program Identifiers: Higher Education Act Title IV
Abstract: Outstanding Higher Education Act (HEA) Title IV federal student loan debt exceeds $1.6 trillion and is owed by about 45 million borrowers. In August 2022, the Biden Administration announced it would invoke the Higher Education Relief Opportunities for Students Act of 2003 (HEROES Act) to cancel, on a one-time basis, up to $20,000 in qualifying federal student loan debt for borrowers with adjusted gross incomes below specified thresholds. The Department of Education (ED) did not cancel any federal student loan debt under the HEROES Act policy, though, due to litigation challenging the Secretary of Education's (the Secretary's) authority to carry it out. On April 17, 2024, ED published the first of two planned Notices of Proposed Rulemaking (NPRMs) deriving from the negotiated rulemaking process "to address the burden of Federal student loan debt." Under the first NPRM, ED proposes eight instances in which the Secretary may waive qualifying ED-held federal student loan debt. These waivers are based on four themes, which entail waivers of loan amounts for borrowers who: (1) owe more on their federal student loans than they did when their loans entered repayment; (2) have loans that first entered repayment about 20 or 25 years ago; (3) are eligible for existing loan discharge, cancellation, or forgiveness opportunities but who have not successfully obtained such benefits; or (4) obtained loans to attend poorly performing institutions of higher education (IHEs) or programs. The Secretary also proposes to waive certain commercially held federal student loans in three narrower circumstances than would be available for ED-held loans. ED's efforts may raise several policy, administrative, and legal considerations. Policy considerations include whether the proposed regulations would be sufficiently targeted to meet intended objectives and associated cost implications for the federal government.
Abstractor: ERIC
Entry Date: 2025
Accession Number: ED671132
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  Data: The Biden Administration's Student Loan Debt Relief Rulemaking. CRS Report R48156, Version 3
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  Data: <searchLink fieldCode="DE" term="%22Student+Loan+Programs%22">Student Loan Programs</searchLink><br /><searchLink fieldCode="DE" term="%22Debt+%28Financial%29%22">Debt (Financial)</searchLink><br /><searchLink fieldCode="DE" term="%22Loan+Repayment%22">Loan Repayment</searchLink><br /><searchLink fieldCode="DE" term="%22Federal+Aid%22">Federal Aid</searchLink><br /><searchLink fieldCode="DE" term="%22Accountability%22">Accountability</searchLink><br /><searchLink fieldCode="DE" term="%22Higher+Education%22">Higher Education</searchLink><br /><searchLink fieldCode="DE" term="%22Federal+Legislation%22">Federal Legislation</searchLink><br /><searchLink fieldCode="DE" term="%22Educational+Legislation%22">Educational Legislation</searchLink><br /><searchLink fieldCode="DE" term="%22Loan+Default%22">Loan Default</searchLink>
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  Data: Outstanding Higher Education Act (HEA) Title IV federal student loan debt exceeds $1.6 trillion and is owed by about 45 million borrowers. In August 2022, the Biden Administration announced it would invoke the Higher Education Relief Opportunities for Students Act of 2003 (HEROES Act) to cancel, on a one-time basis, up to $20,000 in qualifying federal student loan debt for borrowers with adjusted gross incomes below specified thresholds. The Department of Education (ED) did not cancel any federal student loan debt under the HEROES Act policy, though, due to litigation challenging the Secretary of Education's (the Secretary's) authority to carry it out. On April 17, 2024, ED published the first of two planned Notices of Proposed Rulemaking (NPRMs) deriving from the negotiated rulemaking process "to address the burden of Federal student loan debt." Under the first NPRM, ED proposes eight instances in which the Secretary may waive qualifying ED-held federal student loan debt. These waivers are based on four themes, which entail waivers of loan amounts for borrowers who: (1) owe more on their federal student loans than they did when their loans entered repayment; (2) have loans that first entered repayment about 20 or 25 years ago; (3) are eligible for existing loan discharge, cancellation, or forgiveness opportunities but who have not successfully obtained such benefits; or (4) obtained loans to attend poorly performing institutions of higher education (IHEs) or programs. The Secretary also proposes to waive certain commercially held federal student loans in three narrower circumstances than would be available for ED-held loans. ED's efforts may raise several policy, administrative, and legal considerations. Policy considerations include whether the proposed regulations would be sufficiently targeted to meet intended objectives and associated cost implications for the federal government.
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      – Text: English
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    Subjects:
      – SubjectFull: Student Loan Programs
        Type: general
      – SubjectFull: Debt (Financial)
        Type: general
      – SubjectFull: Loan Repayment
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      – SubjectFull: Federal Aid
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      – SubjectFull: Accountability
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      – SubjectFull: Higher Education
        Type: general
      – SubjectFull: Federal Legislation
        Type: general
      – SubjectFull: Educational Legislation
        Type: general
      – SubjectFull: Loan Default
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      – SubjectFull: Higher Education Act Title IV
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      – TitleFull: The Biden Administration's Student Loan Debt Relief Rulemaking. CRS Report R48156, Version 3
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