plan that would target specific groups of borrowers — those with soaring interest, for example — rather than a sweeping plan like the one the Supreme Court rejected in June.
A fifth group is also being discussed — "those who are experiencing financial hardship that the current student loan system does not currently adequately address." It would help counter interest that snowballs beyond borrowers' original balances. It would offer relief to borrowers who attended for-profit college programs with poor outcomes. It would also help older borrowers who took out loans decades ago and may otherwise never repay their debt.
FILE - Student loan borrowers gather near The White House to tell President Biden to cancel student debt on May 12, 2020 in Washington, DC.The proposal aims to settle the dispute by creating new federal rules detailing cases that merit cancellation. Before the rules can be enacted, they must be weighed by a committee of government outsiders in a process known as negotiated rulemaking. The new draft will be taken up when the committee meets next week.
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