Biden took immediate action after the Supreme Court ruled against his initial loan forgiveness plan, which would have forgiven up to $20,000 for borrowers earning less than $125,000 a year. The same day the high court handed down its decision, Biden said he would pursue a regulation to cancel loan debt.
The Education Department now is embarking on that plan, which starts with a process called negotiated rulemaking.
Neg reg, as it’s known, brings various parties to the table that would be affected by regulatory change — in this case, they’ll discuss Title IV financial aid programs.
