EdTrust Welcomes the Release of Proposed Hardship Relief Rule for Student Debt
Statement on the Biden-Harris administration’s proposed rule on student-debt cancellation for financial hardship.
FOR IMMEDIATE RELEASE
October 25, 2024
CONTACT:
Ameshia Cross
across@EdTrust.org
312-339-6930
Statement from Wil Del Pilar, Ph.D., Senior Vice President of EdTrust on the Biden-Harris administration’s proposed rule on student-debt cancellation for financial hardship
WASHINGTON (October 25, 2024) — “EdTrust commends the Biden-Harris administration’s newly announced proposal to alleviate the financial burden for student borrowers facing significant economic challenges. This comprehensive plan would create debt-relief options for borrowers making critical decisions in the wake of natural disasters, medical emergencies, and persistent economic insecurity. While the economy, rising housing costs, and anxiety over who can access the American Dream continue to permeate policy debates, this proposal comes at an inflection point.
This proposal is especially impactful for Black borrowers and those from low-income households, who are disproportionately harmed by student debt. By creating mechanisms that extend cancellation for borrowers who have demonstrated sustained economic hardship, this approach helps dismantle the systemic barriers many students encounter when pursuing higher education and careers. EdTrust urges swift action to implement the debt-relief proposal for hardships, and we look forward to partnering with the administration and other stakeholders to build a debt-relief framework that aligns with our shared vision of a fair and accessible education system for all.
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