On Monday, President Joe Biden will unveil the specifics of his updated plan to forgive student loans.
Tens of millions of borrowers stand to gain even though Biden's Plan B will be more limited than his initial proposal.
On Monday, President Joe Biden is expected to unveil a comprehensive plan for the forgiveness of student loans that could assist tens of millions of Americans.
The specifics of the aid package will be disclosed by Biden at a Madison, Wisconsin event.
Less than a year has passed since the Supreme Court turned down his initial request to erase up to $20,000 of student loan debt for each borrower. In June, the conservative justices declared that endeavour to be unconstitutional.
The specifics of the aid package will be disclosed by Biden at a Madison, Wisconsin event.
Less than a year has passed since the Supreme Court turned down his initial request to erase up to $20,000 of student loan debt for each borrower. In June, the conservative justices declared that endeavour to be unconstitutional.
Even though Biden's Plan B for student loan forgiveness is more limited than his first proposal, if the program makes it through legal challenges this time, tens of millions of borrowers may still have their balances forgiven or reduced.
U.S. Undersecretary of Education James Kvaal said in a statement that "these historic steps reflect President Biden's determination that we cannot allow student debt to leave students worse off than before they went to college."
U.S. Undersecretary of Education James Kvaal said in a statement that "these historic steps reflect President Biden's determination that we cannot allow student debt to leave students worse off than before they went to college."
Kvaal added that Biden had directed the department “to complete these programs as quickly as possible, and we are going to do just that.”
For several reasons, the Biden administration thinks that this time around, its revised plan will withstand legal challenges.
The Education Department is justifying this endeavour not only by citing a different law, the Higher Education Act but also by making it a more focused aid program. Biden's first attempt at forgiveness was predicated on the 2003 Heroes Act.
President Lyndon B. Johnson signed the Higher Education Act (HEA) into law in 1965, giving the education secretary some discretion to waive or release student loan debt.
The Education Department is justifying this endeavour not only by citing a different law, the Higher Education Act but also by making it a more focused aid program. Biden's first attempt at forgiveness was predicated on the 2003 Heroes Act.
President Lyndon B. Johnson signed the Higher Education Act (HEA) into law in 1965, giving the education secretary some discretion to waive or release student loan debt.
