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ARTICLE · 02 FEBRUARY 2021

Student Lending Proposals To The Incoming Biden Administration

Seyfarth Shaw LLP
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U.S. Representative Maxine Waters, Chairwoman of the U.S. House Committee on Financial Services, penned a letter to the incoming Biden administration suggesting changes to the student...

United StatesFinance and Banking
William Hanlon
William Hanlon
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U.S. Representative Maxine Waters, Chairwoman of the U.S. House Committee on Financial Services, penned a letter to the incoming Biden administration suggesting changes to the student lending regulatory environment, as well as debt forgiveness for student loan borrowers.1  On December 4, 2020, Waters recommended that then President-elect Biden "issue an executive order to promptly forgive up to $50,000 of debt for each federal student loan borrower and pause all student loan payments and interest accrual until the economy can recover."  She also committed to working the Biden administration to "secure similar relief for private student loan borrowers as well."  The Chairwoman asserts that Section 432(a) of the Higher Education Act of 1965 (20 U.S.C. § 1082(a)) provides the Department of Education with legal authority to broadly cancel student debt, stating that the Secretary of Education has the authority to modify a loan, and "...compromise, waive, or release any

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