For Biden’s Loan-Forgiveness Plan, a Flurry of Lawsuits, a Rollback, and a New Sticker Price

"A lot has happened since President Biden in August announced his plan to cancel up to $20,000 in student-loan debt for millions of Americans — specifically, in the last week," The Chronicle of Higher Education reports.

..."Q. It seems as if there are a lot of moving parts. What should colleges tell students now?

A. Karen McCarthy, vice president for public policy and federal relations at the National Association of Student Financial Aid Administrators, said, 'I do know that schools are likely going to get questions from borrowers asking like, ‘Is this going to happen or not? Am I actually going to get this debt cancellation? Should I bother filling out the application when it comes out in October?’ And my advice to borrowers and what I would advise schools is to say that, as of right now, the department is making its plans to have the application roll out in October. You should sign up to be notified via their subscription service. … The department has started to do their outreach … to borrowers and people who had signed up for that email subscription. So we know that the department is moving forward and making plans that this will actually happen. And that would be my advice to borrowers as well. Assume that it is going to happen until there is a court decision or something that pauses it or makes it defunct or whatever. But for right now, we’re moving forward as if it’s going to happen.'"

NASFAA's "Notable Headlines" section highlights media coverage of financial aid to help members stay up to date with the latest news. Articles included under the notable headlines section are not written by NASFAA, but rather by external sources. Inclusion in Today's News does not imply endorsement of the material or guarantee the accuracy of information presented.


Publication Date: 9/30/2022

View Desktop Version