Biden-Harris Administration Releases Draft Rules Proposing Student Debt Relief for Tens of Millions of Borrowers
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