"The rules proposed by the Biden-Harris Administration today would provide hope to millions of struggling Americans whose challenges may make them eligible for student debt relief," Secretary of Education Migel Cardona said in a statement. In the coming weeks, the proposal will head to the Fed...
The estimated cost of implementing the program exceeds a staggering $400 billion, which could cancel the remaining student loan debt for an estimated 20 million individuals. Beyond its financial implications, the plan carries significant political weight for President Biden, who championed the cause of...
The head of the Education Department pledged Saturday to keep "moving full speed ahead" on plans to implement President Joe Biden's student debt relief program, coming a day after a federal appeals court put a temporary hold on it, barring the administration from canceling loans covered under ...
The new plan turns to an older law, the Higher Education Act, which allows the Secretary of Education to "compromise, waive or release" federal student loans. It's through this mechanism that the Biden administration is tackling its new debt relief program. Who will qualify for debt fo...
During a visit to Madison, Wisconsin on MondayBidensaid, “This relief can be life-changing,” Biden said. “Folks, I will never stop to deliver student debt relief on hardworking Americans, and it’s only in the interest of America that we do it. And again, it’s for the good of ...
Debt Relief Programs In August 2022, the Biden administration attempted to cancel up to $20,000 in student loan debt for borrowers withPell Grantsand $10,000 for other borrowers at a cost of $430 billion. On June 30, 2023, the Supreme Court struck down this plan in a 6-3 decision. ...
putting the debt relief plan in jeopardy, and the payment pause deadline of Dec. 31 nears, the Biden administration extends the moratorium again. This time, until 60 days after June 30, 2023, or 60 days after the Supreme Court's decision on the fate of the prog...
President Joe Bidenannounced Wednesdaythat the administration would cancel $10,000 in federal student loans for most borrowers, fulfilling his campaign promise to bring student loan debt relief to millions of Americans. The planis limited to borrowers making less than $125,000 per year for individua...
The White House could face lawsuits over the plan, because Congress has never given the president the explicit authority to cancel debt. The Biden administration is tying its authority to the coronavirus pandemic and to a 2003 law aimed at providing help to members of the military. We don’t...
"Biden's student loan debt transfer scheme is expensive, inflationary, regressive, unfair and is on dubious legal grounds," added Lindsey Burke, the director of the Center for Education Policy at The Heritage Foundation. "It will cost the average taxpayer more than $2,000 and lead to further...