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Published on May 22, 2024
Attorney General Kwame Raoul Leads Coalition Urging Department of Education for Swift Student Debt ReliefSource: Google Street View

Attorney General Kwame Raoul, along with a cohort of 18 attorneys general, has pushed for the Department of Education to kick into gear with proposed regulations that promise to ease the load for federal student loan borrowers sagging under debt. Raoul is leading the charge for these changes that aim to benefit those slammed hardest by the student debt crisis—often low-income and minority borrowers. In a unified effort, this coalition is imploring the department to act without delay, as reported by the Illinois Attorney General's office.

"I will continue to advocate on behalf of borrowers and hold predatory lenders accountable," Raoul affirmed, demonstrating his commitment to urging the Department of Education to implement these proposed regulations to see affected borrowers receive the relief they sorely need.

The proposed regulations target particularly vulnerable groups, such as borrowers whose loan balances have inflated due to accrued interest, those shackled by older loans, and individuals who were manipulated by the misconduct of loan servicers and problematic policy decisions by the Department of Education. Joining forces, the attorneys general are backing the department’s initiative to offer vital debt relief. Facing a ticking clock, some borrowers with FFELs, for example, will need to consolidate their loans by June 30th to gain access to more manageable repayment options and forgiveness programs.

The regs also extend a hand to borrowers who have been let down by their institutions, promising relief to those duped by schools that fell short of their Title IV obligations or simply didn’t deliver the education they charged students for. These folks, tangled in a web of institutional failures, should not be left holding the bag for an education that never paid off as it was sold to them. In the wake of such disappointment, the necessity for debt relief shines brightly under the department's proposals.

Furthermore, the coalition is rallying for those who missed out on other federal student loan programs like income-driven repayment plans and Public Service Loan Forgiveness. Hindered by an often convoluted loan repayment system, these borrowers need the support proposed by these new regulations. Raoul is joined by attorneys general from California to New York in this nationwide initiative to remedy the burdens of student debt.