President Joe Biden officially kicked off the application process for his student debt cancellation program, announcing that 8 million borrowers had already applied for loan relief during the federal government's soft launch over the weekend. that broadly charged that President Joe Biden had acted beyond its authority in its plan to cancel student loan debt for millions of borrowers.
The federal government had responded to the suit by saying it could cancel debt under a 2003 law that allows it to pause or reduce borrowers' payments on their loans during national emergencies. And, it said, the states failed to prove they would suffer damage because of its debt cancellation. About 43 million people hold $1.6 trillion in federal student loans, and about 40 million are expected to qualify for Biden’s offer of one-time debt cancellation.
The hearing also centered around the federal government’s decision to trim the number of borrowers eligible for the program. Specifically, they cut borrowers with FFEL loans. They’re commercially held, but backed by the federal government, and borrowers holding these loans don’t qualify for debt relief. Prior to Sept. 29th, they had been able to consolidate these loans into balances owned by the Education Department, but the federal government has since barred that practice.
In responding to the federal government’s arguments, Autrey said no one had defined what qualified as a “national emergency” in the context of canceling student loan debt and asked Netter to clarify. When Netter didn’t, Autrey said Netter should be more familiar with what qualifies. The states also argued the federal government had options besides widespread debt cancellation.
Source: Education Headlines (educationheadlines.net)
States that get the biggest hand outs from the Federal Government
Iowa needs Admiral Mike Franken FrankenforIowa !
Theyy don’t want youu to know thiss
Arkansas needs Monte Hodges MonteforAR !
Arkansas needs JamesForAR !
Why don’t they want us to know this?
WHY, pray, do Republicans hate POOR PEOPLE PPP loans in thousands & millions were happily forgiven without a SINGLE lawsuit! Even MTG got forgiven for a couple hundred thousands. BUT student loans? In court? Suit filed by REPUBLICANS? All100Senators All435Reps dnc DemGovs
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