04.19.22

Durbin, Brown, Warren Applaud Biden Administration's Actions On Student Loan Program

President Biden heeded the lawmakers’ call to fix problems with loan cancellation through the IDR program

WASHINGTON – U.S. Senate Majority Whip Dick Durbin (D-IL) and U.S. Senators Sherrod Brown (D-OH) and Elizabeth Warren (D-MA) today released the following statement after the Biden Administration announced it will take action to address problems with debt cancellation under the income-driven repayment (IDR) program.  Today’s action by the Administration follows a letter that the Senators sent last week to the Consumer Financial Protection Bureau (CFPB) and Department of Education (ED) requesting a review of student loan servicers’ reported mismanagement of the IDR program. 

 

“This is an important step to ensure the effectiveness of our student loan cancellation programs and to enable low-income borrowers to eliminate their debt so they can buy a home, start a business, and fully participate in the economy.  We will keep working to ensure these programs are not overly complex and fulfill their promise of forgiveness and make it easier for all Americans to afford a quality education.”

 

Last year, Durbin led his colleagues in a letter to ED calling on Secretary of Education Miguel Cardona to consider additional measures to simplify and expand student loan discharge options and repayment plants as ED continues the rulemaking process regarding student debt relief. Among his proposed changes, Durbin advocated for streamlining IDR into a single plan that expands relief for borrowers.

  

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