. Other federal agencies use a similar process to write regulations.
The Education Department's James Kvaal will be among the first speakers, and he's expected to note how quickly the administration went from"Today – less than three weeks since President Biden announced actions to open a new path to provide debt relief to as many borrowers as possible – we are taking an important step forward: to improve our regulations on the secretary’s authority under the Higher Education Act to compromise, waive, or release federal student loans," he will...
These negotiators will represent different groups who have a stake in student loans, such as borrowers, student loan servicers – the agencies that manage borrowers’ accounts − colleges and universities, and so on. Not everyone will be sympathetic to the cause.The big hitch: This group of people has to agree – all of them – on what the regulation should say. If they don’t, Education Department officials can essentially take over and write the regulation themselves.
That’s because rulemaking generally adheres to a rigid schedule. Usually it takes weeks or even months to figure out who will be on the committee, along with a set of backup negotiators. Then they have to meet a few times, and those meetings are several weeks apart.
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