The Damage Report
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Supreme Court SCORCHED By Epic Student Loan Showdown
Posted
February 21, 2023
Views
35,025
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1,698
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5.68%
February 21, 2023
35,025
1,698
290
5.68%
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7:56Now PlayingStudent loan borrowers plan to force Supreme Court Justices to look them in the eye before they vote on the fate of Biden's Student Loan Forgiveness program. John Iadarola and Rayyvana break it down on The Damage Report.
Read more here:
Big Moment For Student Loan Forgiveness Is Just Around The Corner
"The saga of President Biden’s signature one-time student loan forgiveness initiative is about to enter the next phase, as the Supreme Court prepares to hear oral arguments next week to decide the fate of the program.
Last year, Biden announced an unprecedented one-time initiative to enact mass student loan forgiveness. Under the program, up to 40 million borrowers could receive up to $20,000 in cancellation of government-owned federal student loans. Over 26 million borrowers had applied for debt relief, and over 16 million were approved, before federal courts shut down the initiative last fall in response to multiple legal challenges.
The Biden administration has appealed those rulings, and the Supreme Court has scheduled what is sure to be a blockbuster hearing on February 28th. In one case, a coalition of Republican-led states is arguing that the Biden administration’s one-time debt relief program would deprive states of revenue by encouraging borrowers with commercial FFELP loans, which are guaranteed by some state-affiliated organizations, to consolidate those loans into the government’s Direct lending program. In the other case, a conservative-leaning organization representing two student loan borrowers has argued that the Biden administration acted arbitrarily in how it established program eligibility, and violated federal rules governing the issuance of new regulations."
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