Maybe you are one of the 26 million people who have applied to have their student debt reduced or eliminated entirely. You probably breathed a sigh of relief when you hit “Submit,” knowing that, in the new year, you’ll have an easier time paying rent, buying food, or maybe saving to buy a home or for retirement.
Biden Can Still Counter the Bogus Right-Wing Student Loan Lawsuits
Tag: Higher Education Loan Authority of the State of Missouri
Biden administration scales back student debt relief for millions amid legal concerns
Biden administration scales back student debt relief for millions amid legal concerns
But there are significant business interests that depend on the federally guaranteed loan program — a wide range of private lenders, banks, guaranty agencies, loan servicers and investors. That industry is widely seen, both inside and outside the administration, as presenting the greatest legal risk to the debt relief program.
Many of those companies face economic losses when they lose borrowers who convert their federally guaranteed loans into new loans that are made directly by the Education Department through a process known as consolidation.
Can’t afford to lose those campaign donations!
Ms. Cat’s Chronicles 