In direct defiance of a previous Supreme Court Ruling, the Biden Administration is now moving to forgive 1.2 billion dollars more in student debt.
The high court invalidated the Biden administration’s June effort to cancel $430 billion in loans for 43 million student borrowers in accordance with a 2003 law intended to assist financially disadvantaged veterans of the Iraq and Afghanistan conflicts.
Following national emergencies, the Higher Education Relief Opportunities for Students (HEROES) Act was expanded to include additional federal student loans.
Despite the fact that Biden, 81, revoked the national emergency declaration for the COVID-19 pandemic on May 11, 2023, the Department of Education maintained that the economic repercussions of the disease constituted an emergency.
The White House reported that the Education Department has since implemented additional loan cancellation gambits through existing programs, canceling approximately $138 billion in student debt for nearly 3.9 million individuals via executive actions.
This amount includes $39 billion in loan forgiveness for student borrowers on 20- or 25-year income-driven repayment plans; $9 billion for individuals with disabilities, public service workers, or others with income-driven repayment plans; and $5 billion for individuals enrolled in existing federal loan programs.
The loan forgiveness based on the Biden administration’s income-driven repayment plan will cost US taxpayers $475 billion over ten years, according to a calculation by the Penn Wharton Budget Model from the previous year.
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