Student Loan Cancellation Could Change With Hearings Starting Today

President Joe Biden (Photo by ANGELA WEISS / AFP via Getty Images)

AFP via Getty Images

Public hearings on student loan termination begin today.

Here’s what you need to know.

Student Loans

Starting today, the U.S. Department of Education will conduct virtual public hearings on student loan termination and other student loan repayment issues. The three-day hearings will encourage stakeholders, including you, to provide feedback and help shape the rules for the future of student loan remission. The hearings follow a key announcement by President Joe Biden to cancel the student loan of $ 500 million. With this recent student loan announcement, Biden has now canceled $ 3 billion in student loans. The hearings will allow you to comment on a wide variety of questions related to your student loans, including but not limited to:

“The primary role of the Department of Education is to serve students and borrowers,” said US Secretary of Education Miguel Cardona. “That means re-examining a number of regulations to ensure that they don’t create unnecessary barriers, but rather to ensure that institutions and programs serve our students well.”

Student Loan Termination: What To Expect

You can expect the hearings to cover several topics that will help decide what rules and regulations apply to your student loans. This could include who is eligible to cancel the student loan and what are the requirements. The goal of the Department of Education is to help student loan borrowers repay student loans while protecting them from misleading information and harmful practices that could harm their job prospects or higher education goals. This includes comments on regulations that affect student loan repayment and student loan default, as well as retention and graduation. The Department of Education will also encourage public commentary on different effects on higher education in terms of income, race / ethnicity, gender, and other demographics that can improve outcomes for students and student loan borrowers. This was an important issue, especially with student loan cancellation, as Senators Elizabeth Warren (D-MA) and Chuck Schumer (D-NY) have articulated.

Student Loans: How To Make Comments

How can you attend the student loan public hearings? The hearings will be held on June 21, 23, and 24, 10:00 a.m. – 12:00 p.m. and 2:00 p.m. – 4:00 p.m. Eastern Time. To comment on the public hearing, you must email negreghearing@ed.gov before 12:00 p.m. Eastern on the business day prior to the public hearing you wish to speak at. Make sure you include your name, email address, the topic you want to address and at least two dates and times when you want to speak in your email. You have up to five minutes to leave your comments. If you don’t want to comment, you can still attend the student loan virtual public hearings.

Student loan: next steps

Are your student loans canceled? Importantly, these are not hearings to determine a full student loan cancellation. These considerations are being handled separately between the White House and the Department of Education and through proposals for student loan waivers in Congress. These hearings will look at existing student loan forgiveness and improving outcomes for student loan borrowers. These hearings are only the beginning of the process. Yes, there may be changes to student loan cancellation and student loan repayment, but these may take some time. In particular, there could be changes that could make it easier for student loan borrowers, including defending the borrower until repayment and possibly income-related repayment, to obtain a student loan waiver. However, don’t expect any changes in student loan cancellation before at least 2022.

While Washington debates the future of the student loan, make sure you understand all of your student loan repayment options. Here are some smart ways to save money:

Student Loans: Read More

Biden has now canceled $ 3 billion in student loans

Are you eligible for a $ 500 million student loan cancellation?

5 ways Biden can change student loan forgiveness

Are you eligible for a $ 200,000 student loan cancellation?

source https://collegeeducationnewsllc.com/student-loan-cancellation-could-change-with-hearings-starting-today/