The Biden administration is moving ahead with a new path to student loan cancellation for Americans who face steep medical bills, child care costs and other types of financial hardship that prevent them from repaying their loans.
Announced Friday, the proposed rule is President Joe Biden’s third attempt at student loan cancellation as he faces repeated legal challenges from Republican states. His first plan was rejected by the Supreme Court last year, and his second plan has been temporarily halted by a federal judge in Missouri.
The new rule would have to clear a number of hurdles before it becomes official, and it’s unclear if it could be realized before Biden leaves office in three months. Like Biden’s other loan forgiveness proposals, it could face court challenges from conservatives who say it’s unconstitutional and unfair.
If finalized, the new rule would allow the Education Department to proactively cancel loans for borrowers if the agency determines they have an 80% chance of being in default on their loans within two years. Others could apply for a review to determine if they meet the criteria for cancellation.
That’s a completely ridiculous stance. Most international students are part of exchange programs meaning that for everyone attending one of our schools, one of our students gets to study abroad in a school from their country. These exchange programs allow people to be exposed to new ideas and perspectives and promote cross-cultural understanding, both by our country’s students experiencing other cultures and from foreign students sharing their perspectives and experiences with people at home. Isolating ourselves like that would reduce the spread of knowledge and ideas, for literally no reason.