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The system is being overhauled to make it more user-friendly.

Student loans have proven to be an enduring sticking point for United States citizens, especially young adults incurring newer and bigger debts. While the primary concern recently has been cancelling unnecessary or effectively unpayable debts to help struggling individuals, renewed focus has been placed by the Biden Administration on ensuring debts don’t get as bad as they have been again.

To this end, the US Department of Education announced this week that they would be making a variety of overhauls and changes to the current federal student loan system. These changes are intended to make the system more transparent and user-oriented, protecting borrowers from excessive and predatory interest rates.

“Today is a monumental step forward in the Biden-Harris team’s efforts to fix a broken student loan system and build one that’s simpler, fairer, and more accountable to borrowers,” said US Secretary of Education Miguel Cardona, in a statement.

Biden predicts student loan forgiveness checks will go out within two weeks https://t.co/mhgkWThXTS pic.twitter.com/Gtq506b94j

— WFLA NEWS (@WFLA) October 28, 2022

The major changes, among others, include bans on schools from requiring pre-dispute arbitration agreements from students, easier cancellation on fraudulent or misleading loans, and interest capitalization. The Public Service Loan Forgiveness Program is also getting touched up to ensure that those eligible for the program get all of the months that they are entitled to toward their debt cancellation.

These overhauls are slated to go into effect in July of 2023. In the meantime, the Education Department is still urging those in need of assistance to apply for the loan forgiveness program while it’s still open.