May 2006

In May 2006, the Project on Student Debt and groups representing students, parents, educators, and the loan industry submitted an administrative petition to the Department of Education. The petition proposed changing loan repayment regulations to set more affordable limits on loan payments, and forgive certain debts after 20 years. The Department eventually included our suggestions in a negotiated rulemaking process, but it took until Fall 2007 for a similar proposal to be signed into law.