With just weeks left in office, President Joe Biden is under mounting pressure from Democratic lawmakers and advocates to act on student loan forgiveness, particularly for defrauded borrowers and older Americans, CNBC reported.
The calls for action come as the clock ticks toward the inauguration of President-elect Donald Trump, whose administration is expected to oppose such initiatives.
On Wednesday, a group of lawmakers, including Sen. Bernie Sanders, I-Vt., and Sen. Ed Markey, D-Mass., sent a letter to Education Secretary Miguel Cardona urging immediate action to process an estimated 400,000 pending borrower defense applications. These applications come from borrowers who claim they were defrauded by their colleges or left stranded when their schools closed.
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