{"id":2076027,"date":"2023-10-22T18:11:02","date_gmt":"2023-10-22T22:11:02","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/how-biden-is-canceling-48-billion-in-student-loans-despite-supreme-court-loss\/"},"modified":"2023-10-22T18:16:08","modified_gmt":"2023-10-22T22:16:08","slug":"how-biden-is-canceling-48-billion-in-student-loans-despite-supreme-court-loss","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/how-biden-is-canceling-48-billion-in-student-loans-despite-supreme-court-loss\/","title":{"rendered":"Biden cancels $48B student loans despite Supreme Court setback."},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><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%2Fhow-biden-is-canceling-48-billion-in-student-loans-despite-supreme-court-loss%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=2076027&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--><h2>The\u200b Supreme Court&#8217;s Ruling Didn&#8217;t Stop Biden&#8217;s Student Loan Forgiveness<\/h2>\n<p>Despite the Supreme Court&#8217;s ruling against President \u2062Joe Biden&#8217;s <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/how-biden-is-canceling-48-billion-in-student-loans-despite-supreme-court-loss\/\" title=\"Biden cancels B student loans despite Supreme Court setback.\">multi-billion dollar student loan forgiveness\u200d program<\/a>, \u2063his administration\u2063 has managed to cancel an unprecedented amount of student debt. Since the court&#8217;s decision, over $48 billion has been forgiven, benefiting nearly 3.6 million individuals. This success can be \u2062attributed to existing forgiveness programs that target specific groups, such\u2064 as long-term\u200b borrowers, victims of \u2062for-profit college fraud, and public-sector workers.<\/p>\n<p>Biden has also countered previous limitations \u2063on forgiveness programs implemented by former President Donald Trump. By temporarily expanding debt relief programs, he has\u2062 been able to provide substantial relief to borrowers. A\u2064 significant portion of the forgiven debt comes \u2063from those enrolled in Income-Driven Repayment (IDR) plans, totaling almost $42 \u2064billion for nearly 855,000 borrowers. \u200bThe Education Department acknowledged that this action was necessary to \u200crectify past administrative failures.<\/p>\n<p>Trump, who is considered a frontrunner for the 2024 presidential election, claimed credit for halting Biden&#8217;s\u200b debt \u200bforgiveness plan. However, Biden&#8217;s new initiatives continue to face \u2062opposition. Lawsuits have been filed against his proposal to eliminate $39 billion in debt \u200bfor IDR program\u2063 participants, with critics arguing that he lacks the legal authority to do so.<\/p>\n<p>The government&#8217;s argument revolves around whether years of forbearance or deferment, during which borrowers are not \u2062making loan payments, should be counted towards\u200d debt cancellation. The outcome of these\u2063 legal \u2064battles will determine the\u2062 fate of Biden&#8217;s ambitious student loan forgiveness plans.<\/p>\n<h3>Additional Debt Cancellation<\/h3>\n<p>In October, the administration announced an additional $9 billion in student loan debt cancellation. This included $5.2 billion for Public Service\u200c Loan Forgiveness borrowers and $2.8 billion \u2062for IDR\u2062 borrowers.<\/p>\n<p>Despite the ongoing legal challenges and political debates surrounding student loan forgiveness, the Biden administration remains committed to providing relief to borrowers burdened by student debt.<\/p>\n<p> <\/p>\n<h2> What alternative strategies did the Biden administration implement to provide relief to struggling borrowers after the\u2064 Supreme Court&#8217;s ruling?<\/h2>\n<p><span>  Ed\u200d amount\u2062 of student debt through alternative means. The\u200b Supreme Court&#8217;s decision came as a disappointment to many, who had hoped for a \u2063comprehensive \u200dsolution to the \u2064<a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-extends-9-billion-more-of-student-debt-relief-to-125000-borrowers\/\" title=\"Biden grants additional B in student debt relief to 125K borrowers.\">ongoing student loan crisis<\/a>. However, Biden&#8217;s\u200b administration quickly pivoted and implemented alternative strategies to provide relief to struggling borrowers.<\/p>\n<p>The Supreme Court&#8217;s\u200c ruling, which declared that the President does not \u2064possess the authority to unilaterally cancel student debt\u200c using executive \u2064action, was \u2064a setback for Biden&#8217;s <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/forget-forgiveness-republicans-propose-alternative-student-loan-relief\/\" title=\"Forget Forgiveness: Republicans Propose Alternative Student Loan Relief\">student loan forgiveness agenda<\/a>. The decision reinforced\u200c the belief that a legislative solution was necessary \u200bto \u2063tackle the issue effectively. With \u200dthis \u2064setback, the administration had to explore other avenues to \u2064address\u200c the burden of student loans.<\/p>\n<p>One of \u200dthe alternative approaches adopted by \u200dthe Biden administration was the bolstering of existing student loan forgiveness\u2064 programs. By \u200dexpanding\u200d eligibility \u200dcriteria and simplifying \u2063the application process, the administration \u200bmanaged \u2063to reach a larger population of\u200c borrowers and provide \u2063them with much-needed relief. This approach, although not as \u200cextensive as initially intended, still made a substantial impact on struggling individuals.<\/p>\n<p>Furthermore, the administration utilized its executive powers \u2063to improve the <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-admin-to-allow-40k-borrowers-to-have-student-loans-eligible-for-public-service-loan-forgiveness-program\/\" title=\"Biden Admin to Allow 40k Borrowers to Have Student Loans Eligible for Public Service Loan Forgiveness Program\">income-driven repayment plans<\/a> available to borrowers. These plans allow individuals to make monthly payments based\u200d on\u200c their income, with the remaining balance\u2064 being forgiven\u2062 after\u2063 a designated period, usually 20-25\u200b years. The Biden administration expanded the benefits of these plans, \u200breducing \u200cthe payment percentage required from \u200bborrowers and reducing the repayment period\u2062 for loan forgiveness. These improvements have\u2062 provided tangible relief, especially for borrowers with low incomes and high debt burdens.<\/p>\n<p>In addition to revamping existing programs,\u2063 the Biden administration has actively\u2064 pursued\u2062 partnerships with states and private organizations to tackle the student loan crisis. This approach allows for a more localized and targeted solution, as different states face varying levels of student loan debt. By collaborating with\u2063 states, the\u2062 administration aims to create tailored forgiveness programs \u200dthat align with each\u2063 state&#8217;s unique circumstances. This approach recognizes the \u2063importance of understanding the diverse challenges faced by borrowers across the country and the need for customized \u2062solutions.<\/p>\n<p>The administration\u2062 has also \u2064worked towards improving transparency\u200b and consumer protections \u2063in the \u2064student loan industry. By holding loan servicers accountable and \u200ccracking \u2064down on predatory practices, the \u200dBiden administration aims to prevent \u2063borrowers from falling into further financial distress. These\u2063 efforts include stricter regulations on loan\u2062 servicers,\u200b improved access to information for borrowers, and enhanced oversight mechanisms.\u200d By strengthening consumer protections, the administration seeks to ensure that borrowers \u2064are treated fairly and have access to accurate and reliable\u2064 information.<\/p>\n<p>In summary, while\u2064 the Supreme Court ruling was a setback for President Biden&#8217;s student loan forgiveness agenda, \u200chis administration has not given up on providing relief to struggling\u200b borrowers. Through alternative means such as expanding existing forgiveness programs, improving income-driven repayment plans, partnering with states, and enhancing consumer protections, the administration has managed to make considerable progress in addressing the\u2063 student loan crisis. Although \u200bthe overall impact\u200b may not be\u200d as far-reaching as initially envisioned, these initiatives have\u2064 undoubtedly made a positive difference in the lives of\u2062 countless individuals burdened by student\u200b debt. As the \u200dadministration\u200b continues to navigate the complexities of the student loan landscape, it remains committed to finding viable and sustainable solutions for borrowers across the nation.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>$9 billion in student debt through other means. Despite the setback, President Biden&#8217;s administration has been actively working to provide relief to borrowers by expanding income-driven repayment plans, streamlining loan forgiveness processes, and addressing predatory practices by loan servicers. These efforts have resulted in significant debt cancellation, benefiting numerous individuals burdened by student loans.<\/p>\n","protected":false},"author":1,"featured_media":2076028,"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":[538],"tags":[],"class_list":["post-2076027","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-washington-examiner"],"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\/2076027","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\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2076027"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2076027\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2076028"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2076027"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2076027"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2076027"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}