{"id":1961784,"date":"2023-06-30T18:00:02","date_gmt":"2023-06-30T22:00:02","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-announces-new-student-loan-forgiveness-plan-hours-after-scotus-ruling\/"},"modified":"2023-06-30T18:00:57","modified_gmt":"2023-06-30T22:00:57","slug":"biden-announces-new-student-loan-forgiveness-plan-hours-after-scotus-ruling","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-announces-new-student-loan-forgiveness-plan-hours-after-scotus-ruling\/","title":{"rendered":"Biden unveils student loan forgiveness plan post SCOTUS ruling."},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">18<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fbiden-announces-new-student-loan-forgiveness-plan-hours-after-scotus-ruling%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1961784&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><div class=\"post_content\">\n<div class=\"aplayer_app\" data-source=\"https:\/\/vs1.youmaker.com\/assets\/2023\/0630\/4e2b44e3-68ab-4f8f-b677-1d8ae32a7bae\/audio.mp3?length=4131405&#038;duration=344\"><\/div>\n<\/p>\n<h2>President Biden&#8217;s Response to Student Loan Forgiveness Decision<\/h2>\n<p>President Joe Biden wasted no time in addressing the recent Supreme Court decision that invalidated his plan to forgive many student loans. In a televised statement on June 30, just hours after the court ruling, Biden announced new measures to provide relief to borrowers.<\/p>\n<p>Biden&#8217;s <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-announces-new-student-loan-forgiveness-plan-hours-after-scotus-ruling\/\" title=\"Biden unveils student loan forgiveness plan post SCOTUS ruling.\">original loan-forgiveness plan<\/a>, unveiled in August 2022, faced criticism from some who believed it was a political move to benefit Democratic candidates in the midterm election. Others argued that it was unfair to those who had already repaid their college loans and an overreach of congressional authority.<\/p>\n<p>The plan, which could cost up to $1 trillion according to estimates, was ruled to be in violation of the HEROES Act by the Supreme Court.<\/p>\n<h3>Plan 1.0: What Could Have Been<\/h3>\n<p>The Biden plan aimed to provide debt relief for millions of borrowers, offering up to $10,000 in forgiveness for many and up to $20,000 for those who had received a Pell Grant. However, despite 26 million applications and 16 million approvals, the plan was never implemented.<\/p>\n<figure id=\"attachment_5367951\" style=\"width: 640px\" class=\"wp-caption alignnone\">\n    <a href=\"https:\/\/img.theepochtimes.com\/assets\/uploads\/2023\/06\/30\/id5367951-GettyImages-1396874221.jpg\"><figcaption class=\"wp-caption-text\"><noscript><\/noscript><\/figcaption><\/a><br \/>\n    Student-loan borrowers gather near the White House to urge President Joe Biden to <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/democrats-push-for-student-debt-forgiveness-would-cost-taxpayers-millions\/\" title=\"Democrats push for student debt forgiveness, would cost taxpayers millions\">cancel student debt<\/a> on May 12, 2020. (Paul Morigi\/Getty Images for We, The 45 Million)<br \/>\n  <\/figure>\n<p>With <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/student-loan-payment-freeze-gets-end-date-in-debt-ceiling-bill\/\" title=\"Debt ceiling bill sets end date for student loan payment freeze.\">loan payments set<\/a> to resume in October, critics argue that many Americans already <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/democrats-call-for-shutdown-of-deceptive-crisis-pregnancy-centers-amid-wave-of-pro-abortion-violence\/\" title=\"Democrats Call for Shutdown of \u2018Deceptive\u2019 Crisis Pregnancy Centers Amid Wave of Pro-Abortion Violence\">facing financial hardship<\/a> will be further burdened.<\/p>\n<p>Johnson Tyler, a consumer attorney at Legal Services NYC, expressed concern for borrowers who attended for-profit schools or had to drop out due to family emergencies. He warned of the long-lasting consequences, including reduced Social Security benefits and the inability to repay due to high interest rates and complex repayment structures.<\/p>\n<h3>Plan 2.0: A New Path<\/h3>\n<p>Biden assured the public that he had identified a &#8220;new path&#8221; in line with the Supreme Court ruling. U.S. Secretary of Education Miguel Cardona would have the authority to compromise, waive, or release loans under certain circumstances.<\/p>\n<p>While details of the plan were not provided, Biden emphasized its legality based on the Higher Education Act. However, he acknowledged that implementation would take time.<\/p>\n<p>Secretary Cardona, speaking at a White House press conference, promised to include as many borrowers as possible and implement the plan quickly, but did not offer specific details.<\/p>\n<p>To ease the transition back to loan repayment, Biden introduced an &#8220;on-ramp repayment program.&#8221; He encouraged borrowers to make payments as scheduled but assured that the Department of Education would not report missed payments to credit agencies, temporarily removing the threat of default or credit damage.<\/p>\n<figure id=\"attachment_3956738\" style=\"width: 640px\" class=\"wp-caption alignnone\">\n    <a href=\"https:\/\/img.theepochtimes.com\/assets\/uploads\/2021\/08\/19\/miguel-cardona-1200x821.jpg\"><figcaption class=\"wp-caption-text\"><noscript><\/noscript><\/figcaption><\/a><br \/>\n    Secretary of Education Miguel Cardona answers questions at the White House<br \/>\n  <\/figure>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>President Joe Biden swiftly responded to the Supreme Court&#8217;s rejection of his student loan forgiveness plan by announcing alternative measures to aid borrowers. In a televised statement on June 30, just hours after the court&#8217;s decision, Biden pledged temporary relief and debt assistance for select individuals.<\/p>\n","protected":false},"author":1793,"featured_media":1961785,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1961784","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1961784","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1793"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1961784"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1961784\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1961785"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1961784"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1961784"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1961784"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}