After the Supreme Court cut down the original plan of President Biden to establish student loan forgiveness, he mentioned the process called negotiated rulemaking (negneg) that enables the provision of broad relief to those in need.
President Joe Biden speaks to reporters about the Student Loan Forgiveness. (Photo: WKBN FIRST NEWS 27)
Student Loan Forgiveness Plan of President Joe Biden
President Joe Biden announced the plan under his administration, yet several sectors blocked the idea, saying it does not guarantee success for those who belong to the marginalized sectors. Other sectors also say that this plan creates inflation and creates a windfall for those who do not need it.
The plan of President Biden faces several challenges as to how it will benefit the students. The students have already made their voices heard, and hopefully, this backup plan will be kept as promised by the Biden administration.
READ ALSO: Student Debt: What it Means, How it Works, Forgiveness
Supreme Court Blocked the Plan of President Biden
Meanwhile, the borrowers are urging President Biden to make this possible and grant what he stated should be granted to the community. However, others say that it might create a racial and socio-economic imbalance so that other communities, especially those who belong to marginalized sectors, cannot afford to pay the debt relief loan.
How about you? Are you in favor of President Biden’s Student Loan Forgiveness Plan?
READ ALSO: Biden Student Loan Forgiveness: Is there a deadline for the president’s new plan?
