FOR IMMEDIATE RELEASE
October 25, 2024
Natalia Abrams, Student Debt Crisis Center
Washington, DC — The Student Debt Crisis Center (SDCC) acknowledges the Biden-Harris Administration's commitment to supporting student loan borrowers during these challenging times. By issuing the hardship rules—an outcome of advocacy that led to an additional negotiation session—the administration is taking important steps to address the financial struggles many borrowers face.
These proposed rules offer critical relief to nearly 8 million borrowers grappling with burdens like medical expenses, childcare costs, and income disruptions. The two pathways for relief—automatic relief for those at high risk of default and a holistic application process—reflect a thoughtful understanding of the diverse challenges borrowers encounter.
As Natalia Abrams, SDCC President, stated,
“These proposed rules represent a crucial lifeline for millions who are burdened by student debt. By recognizing the reality of financial hardships, the administration is fostering a more equitable path to recovery and empowerment. This couldn’t have been done without the support of countless organizations and student loan borrowers stepping up to make their voices heard.”
These initiatives prioritize the economic stability and well-being of individuals and reinforce the principle that higher education should be a bridge to opportunity, not a barrier. While there may be challenges ahead, the Biden-Harris Administration’s efforts to support borrowers and reform the student loan system are a step in the right direction.
Together, we can work toward a future where financial stability and hope are attainable for all student loan borrowers. The SDCC looks forward to continuing collaboration with the administration to drive meaningful change and support for those in need.
For more information, to schedule an interview, or to request additional information, please contact Natalia Abrams at 310-365-1069 or natalia@studentdebtcrisis.org.
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ABOUT Student Debt Crisis Center
Student Debt Crisis Center is a national advocacy organization with over 2,000,000 supporters calling for fundamental reforms to student loan policies and an end to the student debt crisis. Learn more here.