President Joe Biden Claim President Obama was granted the power to forgive student loans worth hundreds of trillions of dollars because of a law he passed to assist veterans in paying for college. Former members of Congress who helped to pass the law claim that the president is trying to overstep his authority. “to radically change the student loan system.”
John Boehner, former House speaker (R.-Ohio), and Howard McKeon (R.. Calif.) were among those who said that Biden is using the 2003 HEROES act, which allows for waivers to student financial assistance recipients from the Education Department during a “national emergency,” You can also use it as a “pretext” According to, it is possible to cancel loans worth $500 billion. A brief amicus brief Friday, filed at the Supreme Court. Both Republicans and Democrats claim they both acknowledged that the law was not intended. “absolve borrowers who haven’t suffered hardship from the responsibilities they took on as borrowers.” It was intended to help service personnel pay off student loans during wartime in Iraq.
“Public service, almost by definition, involves sacrifice,” They wrote. “But as lawmakers, [we] wanted to repay the brave Americans who endure great personal hardship in service to their country with a modest protection against the distractions of administrative obligations arising from their student loans.”
In January, Biden’s Justice Department petitioned the Court, saying the law gave Education Secretary Miguel Cardona “clear authorization” To cancel student debt. According to the administration, the coronavirus pandemic is an indication of a “national emergency”—an argument which the authors of the HEROES bill reject, saying the phrase referred directly to the events of Sept. 11, 2001.
A request for comment was not received from the White House or Department of Education.
According to Penn Wharton Budget Model predictions, cancelling the plan could lead to a $1 trillion loss over 10 years. Jason Furman, former Obama economic advisor, has called the plan. “indefensible” And “reckless.”
The Justice Department appealed after a series of lower courts’ rulings rejected the debt cancellation move, arguing “economically vulnerable borrowers” It was left in “limbo.” Biden promised to forgive the debt in his 2020 presidential campaign.
For the Pacific Legal Foundation, the former legislators filed an amicus brief. Biden v. Nebraska And Dept. Department. v. BrownThere are two cases before Court concerning debt cancellation. The group noted in a press release that Biden’s Education Department did not follow typical rulemaking guidelines for federal agencies before moving to cancel
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