Elizabeth Warren and Bernie Sanders want 'immediate action' to implement a rule that would keep student-loan borrowers' debt from piling up after they graduate
President Joe Biden has taken steps to crack down on schools that offer degrees to students that won't pay off the debt they took on — but Democratic lawmakers think he can go even further to prevent an endless cycle of repayment after graduation.
The lawmakers wrote that with tuition continuing to increase, students are forced to take on more debt, making measures to increase transparency about the value of college degrees all the more important. One way that can happen is through the gainful employment rule, which cuts off federal aid for schools that offer career and certificate programs that leave students with a large of amount of student debt compared to their likely post-graduation earnings.
"We urge the Department to take immediate action to publish and implement the rule as soon as practicable to ensure harmful actors are held accountable for enrolling students into low-quality programs," they added.
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