On Wednesday, the Biden administration announced it was proposing new regulations for student loans owned by the Department of Education. The proposed rules call for an $85 billion expansion of existing federal student loan forgiveness programs. They would expand eligibility for programs created under Presidents George W. Bush and Barack Obama and end the capitalization of interest on federal student loans in some circumstances.
President Joe Biden's new rules would broaden eligibility for student loan debt relief for borrowers who were defrauded by their institutions, borrowers whose institutions closed, permanently disabled borrowers, and borrowers who take "public service" jobs after graduation.
