The Education Department is set to begin a new rule-making process aimed at revising regulations for student financial assistance programs, such as the Public Service Loan Forgiveness program and income-driven repayment plans. This process includes hearings, forming an advisory committee, and public comments, potentially taking over a year. Notably, changes may redefine qualifying employers in the loan forgiveness program in response to a Presidential directive that could affect nonprofit qualifications, prompting backlash from advocacy groups. Hearings are scheduled for late April and early May.
This process will focus on how the Department can rightsize Title IV regulations that have driven up the cost of college and hindered innovation.
Advocates and Democrats decried the order as "un-American" and argued that it would disrupt borrowers' lives.
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