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President Biden on Friday announced new actions to offer student loan borrowers some forgiveness, reintroducing his forgiveness plan grounded in the Higher Education Act (HEA).
Using the HEA to provide student debt relief has been pushed by student loan advocates and top Democrats for years. Under the HEA, advocates argue it allows the education secretary to “compromise, waive or release” students loans. This path will require a public comment and notice period before it could go into effect.
“We need to find a new way, and we’re moving as fast as we can,” he said in remarks at the White House on Friday afternoon.
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