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A year after the Biden administration announced a new system to provide student debt relief via bankruptcy, the process remains clunky and mired in uncertainty for borrowers—while government officials say it’s been a success.
Pulling federal money from colleges would happen only after a long, complicated process. For the Education Department, it would be a “nuclear option.”
Colleges and universities will face a tighter timeline to get students their financial aid offer letters, and students will have less time to make decisions.
At a hearing Tuesday, Democrats disagreed—and said the Education Department’s Office for Civil Rights, facing budget cuts, needs more money to respond to the crisis.