President Joe Biden pledged on Friday to move forward with a new plan that would offer student loan relief to millions of borrowers, while placing blame on Republican “hypocrisy” for causing the Supreme Court’s decision that invalidated his original effort. Biden stated that his administration has already begun working under the authority of the Higher Education Act of 1965, which he believes is the best way to provide debt relief to as many borrowers as possible. In the meantime, as student loan payments are set to resume in the fall, the White House is implementing measures to ease the threat of default for borrowers who may fall behind over the next year. However, the president acknowledged that the new programs would take longer to alleviate student loan debt compared to his initial effort.
During a press briefing, Biden urged borrowers who are upset about the court’s decision to hold Republicans accountable, as he believes they are to blame for hindering relief for working- and middle-class Americans. By attributing staunch opposition to student loan forgiveness to the GOP, Biden aims to maintain the issue as a source of strength for his reelection campaign. However, this may offer little consolation to the 43 million Americans who benefited from the original program and must now wait for its replacement. Organizations like Voters of Tomorrow have expressed their dissatisfaction, stating that they do not want to accumulate massive debt for their education.
The White House’s efforts to forgive loans stem from Biden’s campaign promise to eliminate student loan debt, a popular idea among young voters and progressives. The president’s handling of the issue has garnered approval among adults under the age of 30, according to a poll conducted by The Associated Press-NORC Center for Public Affairs Research. However, progressive Democrats and activists have long urged the administration to offer an alternative to Biden’s original plan, fearing that the Supreme Court would ultimately block it.
The new approach relies on a provision in the Higher Education Act that allows Education Secretary Miguel Cardona to compromise, waive, or release student loans. The administration launched a federal rulemaking process to negotiate the details of the new forgiveness plan. Although the White House believes that the plan will withstand future legal challenges, as the Supreme Court currently has a conservative majority, there is no guarantee of its success.
Republicans, who have consistently argued for the repayment of student loans as a matter of fairness, celebrated the court’s ruling. Former Education Secretary Betsy DeVos described Biden’s original plan as unfair to the majority of Americans who do not have student loans. Many Republicans vying for the 2024 presidential nomination praised the decision, with former Vice President Mike Pence claiming that it prevented the cancellation of the debt of wealthy individuals in major cities using taxpayers’ money.
In response to Biden’s announcement, some Republicans, like Rep. Virginia Foxx, accused the administration of burdening taxpayers with the costliest regulation in the country’s history.
Overall, Biden remains determined to provide student loan relief and is taking steps to implement a new plan, despite the setback caused by the Supreme Court’s decision.
Denial of responsibility! VigourTimes is an automatic aggregator of Global media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, and all materials to their authors. For any complaint, please reach us at – [email protected]. We will take necessary action within 24 hours.
