Washington, D.C., — The Biden administration announced today its first set of draft rules proposing billions in student debt forgiveness to more than 30 million borrowers, including those whose balances have grown from accrued interest and have been in repayment for years.

In response, Mitria Spotser, vice president and federal policy director at the Center for Responsible Lending (CRL), made the following statement:

For years, CRL has advocated for the elimination of accrued interest that prevents millions of low-income borrowers from repaying their loans and breaking free from a cycle of debt.

We applaud President Biden’s genuine efforts to recognize the burden carried by those who owe more than they originally borrowed due to the interest accrued on their federal loans and thank the administration for incorporating CRL’s recommendations into its interest relief proposal. These commonsense rules announced today ensure a higher education system that is fairer and more accessible to all.

Additional Background

CRL Applauds New Biden-Harris Administration Plan to Deliver Student Debt Relief to Millions of Americans


Press Contact: Vincenza Previte vincenza.previte@responsiblelending.org

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