In March 2021, I laid out the state of play for federal student loan policy regarding things like debt cancellation, Public Service Loan Forgiveness, and income-driven repayment. Since that time, there has been a mix of action and stagnation on the part of Congress and the Biden administration. So where do we stand? Congress got right to work on another COVID-19 bill in early 2021. The American Rescue Plan Act included $40 billion in funding for the Higher Education Emergency Relief Fund to support students and institutions of higher education. It also included a provision that would exclude from taxable income forgiveness or discharge of a federal or private student loan through 2025. The new Biden administration also began filling positions at the U.S. Department of Education, allowing it to get started on rolling out the administration’s priorities and initiatives. With that done, what has changed since early 2021, and what hasn’t? No word on debt cancellation Cancelling at...
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