June 30, 2023, 4:38 PMEvan Vucci/AP
"This new path is legally sound," the president said. "It's going to take longer. And in my view, it's the best path that remains to student debt relief to as many borrowers as possible as quickly as possible."Under the alternative strategy, Biden said the administration will invoke the Higher Education Act to allow Secretary Cardona to "compromise, waive or release loans under certain circumstances.
The administration will create a temporary, 12-month "on-ramp repayment program" that will remove the threat of default for borrowers who are unable to pay their bills. The program would have forgiven up to $10,000 in federal student loan debt for borrowers making less than $125,000 a year. Borrowers who took out Pell grants to pay for college could have had up to $20,000 canceled.Forty-three million Americans would have qualified for the program. The Education Department had already approved applications for 16 million borrowers before the program was put on halt last fall due to legal challenges.
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