Joe Biden cancels $7.4 billion more in student debt through relief program under legal assault

Student debt relief advocates gather outside the Supreme Court on Capitol Hill in Washington, Tuesday, Feb. 28, 2023. ** FILE **

SAVE, which stands for Saving on a Valuable Education, is separate from Mr. Biden’s latest student loan forgiveness proposals that he unveiled Monday to automatically cancel student debt for millions of borrowers. On Tuesday, two separate groups of GOP state attorneys general sued Mr. Biden over SAVE, saying he again overstepped his authority to cancel student debt.

“This latest attempt to sidestep the Constitution is only the most recent instance in a long but troubling pattern of the President relying on innocuous language from decades-old statutes to impose drastic, costly policy changes on the American people without their consent,” they said. Another official said borrowers who received debt forgiveness through SAVE shouldn’t worry about the chance that their debt won’t be reinstated if the GOP lawsuit is successful.Before SAVE, the federal government had several income-driven loan repayment plans that linked monthly payments to a borrower’s income and family size. However, Mr. Biden’s plan offers more generous terms, especially for low-income borrowers.

Source: Education Headlines (educationheadlines.net)

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