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The changes will come in two phases — a long-term renovation to make the program easier to navigate, achieved through the federal process known as rulemaking, and a temporary move using the department's executive authority to retroactively relax the program's rules to immediately help thousands of affected borrowers.

Today, the U.S. Senate voted to confirm current FTC Commissioner Rohit Chopra to be the next Director of the CFPB. In response, SBPC Executive Director Seth Frotman issued the following statement.

We now know that a generation of student loan borrowers remain trapped in this broken system and that, without structural changes by ED, IDR will not offer a viable way out for these borrowers in the future.

In response to this announcement, SBPC Executive Director and former top student loan industry watchdog at the Consumer Financial Protection Bureau Seth Frotman released the following statement.

A new SBPC report sounds a warning that failures in the design of the IDR application process may exacerbate the unevenness of pandemic recovery along racial lines.

Too many public service workers with older federal loans discover they can't get PSLF because they have the wrong type of loan, while industry and ED block these borrowers from taking steps to secure relief.

More than 200 organizations representing millions of public service workers from all corners of the country called on President Biden to fix the broken PSLF program and deliver promised student debt relief to borrowers.

The disclosure suggests further bureaucratic problems with the management of the Public Service Loan Forgiveness program, which has come under fire from Democrats in recent years for rejecting more than 98 percent of all borrowers who applied.

Servicemembers across the country are continually being denied promised student loan relief through the Public Service Loan Forgiveness program even after a decade or more of service in uniform. This fact is a national disgrace.

Policymakers designed a system that assumed the amount of debt borrowers take on is largely immaterial, and the result is that millions of borrowers have been left to deal with the financial and psychological ramifications of decades of runaway debt.