Friday, at 3:30 p.m. ET, Joe Biden will address the nation about the Supreme Court’s decision to end his student loan forgiveness program.
In a statement, “This fight is not over,” he said he would speak on the “next steps” the Administration will take.
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“I believe that the Court’s decision to strike down our student debt relief plan is wrong,” he said. “But I will stop at nothing to find other ways to deliver relief to hard-working middle-class families. My Administration will continue to work to bring the promise of higher education to every American.”
According to the court’s conservative majority, the Administration overstepped its authority when it waived $430 billion in debt for millions of eligible Americans. As a result, the program was declared illegal.
A source said that Biden gained the choice from his senior helpers and has since been meeting with his group.
The Supreme Court’s decision is a political blow for Biden, who vowed during the 2020 mission to eradicate some of the student loan debt burden for low-pay and working-class Americans.
The program would have pardoned up to $10,000 in government understudy loan obligation for borrowers making under $125,000 per year. Borrowers who used Pell Grants to pay for college risked losing up to $20,000 in their loans.
“It would have been life-changing for millions of Americans and their families,” Biden said in his first reaction to the court’s ruling. “And it would have been good for economic growth, both in the short- and long-term.”
Forty-three million Americans would have been equipped for the program. The Schooling Office had proactively endorsed applications for 16 million borrowers before the program ended the previous fall because of legitimate difficulties.
The White House, before this week, declined to get out whatever their potential choices were should the court rule in the manner it did.
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Democrats in Congress urged Biden to find a different means of providing relief shortly after the court decision.
“The Biden administration has remaining legal routes to provide broad-based student debt cancellation,” Senate Majority Leader Chuck Schumer said. “With the pause on student loan payments set to expire in weeks, I call upon the administration to do everything in its power to deliver for millions of working- and middle-class Americans struggling with student loan debt.”
