A federal judge in Missouri is set to hear arguments Wednesday on whether to stop the Biden administration from moving forward with plans to cancel up to $20,000 in student loan debt for more than 40 million people.
The decision will shut out an estimated 770,000 people from the program, according to an administration official. About 1.5 million other borrowers who have both commercial-FFEL and Direct Loans could also receive less debt relief as a result.it might pursue an order requiring borrowers who applied for consolidation before the cut off date to pay the former owner of their loans for the lost interest.
Biden announced $10,000 in relief for student loan borrowers making less than $125,000 annually, and an additional $10,000 for Pell Grant recipients. The Biden loan relief plan will cancel up to $10,000 in federal student debt for borrowers who earn up to $125,000 annually, or up to $250,000 for married couples. Borrowers who receivedIn defending the new loan forgiveness plan, the Biden administration has cited a 2003 law giving the executive branch broad authority to overhaul student loan programs.
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