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Biden Reveals A ‘Plan B’ On His Student Loan Forgiveness, Here Are Its Key Details

Biden Reveals A ‘Plan B’ On His Student Loan Forgiveness, Here Are Its Key Details (Photo: Forbes)

After the Supreme Court shut down Biden’s student loan forgiveness plan, he announces that his administration is currently working on another loan forgiveness plan for students.

President Biden during his public apperance last Friday (Photo: Investopedia)

Supreme Court Shuts Down Biden’s Student Loan Forgiveness Plan

Last Friday, President Biden announced that they are currently working on another student loan forgiveness plan under different legal circumstances after the Supreme Court shut down his initial loan forgiveness plan that promised $10,000 would be canceled in student debts. In a 6-3 vote, Biden did not have enough clearance to implement such loan forgives plan. The administration leaned on the HEROES Act of 2003, an act that provides authority to the Department of Education to execute any action during a national emergency. However, the Court analyzed the scope of the act and arrived at the conclusion that for the mass student debt to be approved, it would have to be under the Major Questions Doctrine.

In Biden’s statement last Friday, he defended the actions of his administration to implement a loan forgiveness program for students. He also promised that would work closely with his administration to work wound the verdict made by the Supreme Court. In disappointment with the Supreme Court’s decision, Biden directed the attention of the public to other loan forgiveness programs that they successfully implemented such as the Public Service Loan Forgiveness. The said program helped over 600,000 borrowers. This and many more were touted by the president.

READ ALSO: Via Executive Order, Mayor Adams Plans To Terminate 90-Day Rental Voucher Rule

Biden Working on a ‘Plan B’ For Student Loan Forgiveness

During his public address last Friday, Biden promised that his administration will come up with a ‘plan B’ for student loan forgiveness. Biden revealed that they will implement a new student loan forgiveness plan using a provision from the Higher Education Act that would allow the Education Department to ‘compromise’ the student debts of the government.

The president added that they will work on the new student loan forgiveness plan as quickly as possible. He also revealed that Education Secretary Miguel Cardona worked with them in taking the first steps in working on the new loan forgiveness plan. Biden added that working on the new loan forgiveness plan will take some time, and that the Education Department should hold their rulemaking sessions as they shape the new loan forgiveness plan.

READ ALSO: Biden Unveils A $192 Million Project To Combat Environmental Consequences Associated With Renewable Batteries

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