Proposed rule changes would ease student debt

The Biden administration recently proposed rule changes to help mitigate student loan debt for some borrowers. According to a report, the changes would alleviate debt for students with disabilities, individuals working in public service, and students with loans for schools that have closed. The proposals also include a limit on how interest is accrued and taxed, unless specified by law. The proposal is subject to a 30-day public comment period and is expected to be finalized by November 1, 2022, to take effect in July 2023.