Rohit Chopra, who leads the Consumer Financial Protection Bureau, says he is simply enforcing the law. Bankers call him reckless — a “regulator gone rogue.”
The Biden administration’s new income-driven repayment plan, SAVE, will reduce payments for millions of borrowers and more will qualify for $0 payments.
In its first guidance since the Supreme Court decision, the administration says many recruitment programs are still allowed, but other questions are left unanswered.
Last year, the Biden administration provided a new path to make it easier to discharge student loans in bankruptcy. The results appear promising, but success has been limited.