United States president Joe Biden used an executive action to create a student loan forgiveness program, where students could be releaved of $10,000, or $20,000 based on a criteria. However it has been blocked by lawsuits before it could ever be enacted on, and is now in the crosshairs of the GOP in the debt ceiling fight.
Will Joe Biden's student debt forgiveness program ever forgive the debt of qualified applicants?
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It sounds like the fun is over boys and girls. The statement from the White House is full of past tense references to the student loan forgiveness program. There is discussion about a new “alternative path to debt relief” but I feel confident that it’s not the same plan Biden had laid out, and furthermore it would not be an executive action , but an action of the secretary of education.
It sounds like Biden is still pushing to forgive student loans. Not sure if this should be resolved now or wait until the administration confirms it’s dead.
“The ruling immediately puts pressure on the Biden administration to find an alternative avenue to forgive student debt that could potentially withstand legal challenge.
Biden is likely to announce new actions to protect student loan borrowers, according to a White House official.“
I think you could reasonably wait for the administration to comment on the news, but I think most things Biden could now try to do would be considered a new initiative, and not a payout of the original program which this market is about.