Biden plan for mass student loan forgiveness will get input from experts and borrowers

USA Today

Nirvi Shah

August 29, 2023

Borrowers eager to see President Joe Biden’s new plans for widespread student loan forgiveness will have to wait a bit longer.

After the Supreme Court knocked down Biden’s earlier proposal for wiping out student loan debt, the administration turned to a different process for mass forgiveness allowed under the federal Higher Education Act.

The so-called negotiated rulemaking process, or neg reg, however, can be lengthy, involving a committee of stakeholders who must unanimously agree on a policy proposal. If they don’t find that consensus, the Education Department can create its own proposal.

But all of that could take months or years for the policy, in this case student debt forgiveness, to take effect.

No shortcuts: Biden has another plan for mass student loan forgiveness. It could be excruciatingly long

On Tuesday, the federal Education Department said it is opening the call for people who want to serve on that committee, which will meet starting in October. Specifically, the agency wants the 14-member committee to include:

• Four people who are current students and student loan borrowers who have distinct levels of education and experiences at different types of colleges or universities. The Education Department said it is “particularly interested in a variety of experiences with student loans and postsecondary education, including attending different types of institutions, receiving a Pell Grant, and borrowing a Parent PLUS loan.”

• Four people from institutions of higher education, including Historically Black Colleges and Universities and minority serving institutions;

• Two members representing state officials and attorneys general;

• Two people from civil rights organizations and legal assistance organizations;

• One member who is a U.S. military service member or veteran; and

• One representative from the Federal Family Education Loan (FFEL) program.