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Biden announces new student debt relief plan for millions of borrowers


OverSword

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The Biden administration announced new student loan plans Monday that would provide relief to millions of Americans if finalized.

The proposed plans would largely affect those with “runaway interest,” as well as borrowers who have been paying on loans for 20 years, qualify for forgiveness under income-driven repayment (IDR) plans and those experiencing hardship.

The plans would give borrowers $20,000 in loan forgiveness for balances that have grown due to unpaid interest since entering repayment, regardless of income. Those who qualify for the SAVE IDR plan would get the full balance of their unpaid interest forgiven.

This would result in 25 million Americans getting relief from balance growth that was garnered by unpaid interest, with 23 million seeing their full balance growth canceled.

 

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Didn't the Supreme Court declare that illegal the last time?

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1 hour ago, Michelle said:

Didn't the Supreme Court declare that illegal the last time?

It's probably an election year stunt.  the final paragraph in the article:

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It will be months until it is known if these plans will be finalized. If the plans are approved, they will almost certainly be challenged in court.

 

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A lot of college students won't know the supreme courts decision on student loans. Biden is using this to get votes.

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Posted (edited)
2 hours ago, Michelle said:

Didn't the Supreme Court declare that illegal the last time?

They did not. They declared the use of a Covid provision to cancel the loans were not part of the original HEROES act's purposes. 

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3 minutes ago, Robotic Jew said:

They did not. They declared the use of a Covid provision to cancel the loans. 

So he just misused Covid money.

PolitiFact | Can student loan debt be canceled by a president’s executive order?

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3 minutes ago, Robotic Jew said:

No. He went through the proper process to determine whether or not the provision allowed for it to be used in such a way. 

What the Supreme Court's rejection of student loan relief means for borrowers

In one of the most anticipated decisions of its current term, the U.S. Supreme Court has struck down President Biden's sweeping plan to discharge some or all federal student loan debt for tens of millions of Americans.

In a 6-3 decision, the high court ruled that the Biden Administration did not have authority under a 2003 federal law to forgive hundreds of billions of dollars of student debt.

"The HEROES Act allows the Secretary [of Education] to 'waive or modify' existing statutory or regulatory provisions applicable to financial assistance programs under the Education Act," the ruling states, "but does not allow the Secretary to rewrite that statute to the extent of canceling $430 billion of student loan principal."

cont...

5 takeaways from Supreme Court's student loan relief decision : NPR

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