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Friday, September 29, 2023

What You Should Know About Biden’s New Student Loan Relief Plan

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Close on the heels the Supreme Court kicking up a storm with its decision to reverse affirmative actions in college admission, it made another polarizing decision. The nation’s highest court Friday, by a 6-3 decision, invalidated President Joe Biden’s student debt relief plan that would have canceled $430 billion in student loan debt.

Not to be cowed down, President Biden announced a few initiatives meant as an antidote to the SCOTUS move.

What Happened: Venting his frustration, Biden tweeted, “Hope was on the horizon thanks to our relief plan, and today’s decision snatches it away.”

“But I won’t stop fighting for borrowers.”

The president also slammed the Republicans who voted to overturn the student loan relief, adding that they benefited from thousands in pandemic relief loans to keep their own businesses open. These loans were forgiven, he added.

“Now, they refuse to extend the same relief to borrowers with student debt,” Biden said.

See Also: Biden Unveils Vision For Economic Growth: Shifting From Trickle-Down To ‘Bidenomics’

Biden Resolute: The president said his administration will use every tool at its disposal to get the people student debt relief. He also said his administration was moving fast with a new way forward.

President Biden unveiled a comprehensive plan to address the issue of student debt, outlining a two-step resolution. The first step involves the development of a new pathway aimed at delivering swift relief to a broad range of borrowers. Emphasizing the urgency of the matter, Biden highlighted that Secretary of Education Miguel Cardona has already taken the first official action required to implement this plan.

The president was referring to the launch of regulatory rulemaking process by the Education Department but this will likely take months.

Secondly, the president said his administration was “creating a temporary 12-month ‘on-ramp’ to repayment.”

“This is not the same as the student loan pause, but during this period — if you miss payments — this “on ramp” will temporarily remove the threat of default or having your credit harmed.”

“This fight isn’t over,” Biden said.

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