The U.S. Supreme Court heard oral arguments Tuesday in a legal challenge to President Joe Biden’s plan to cancel hundreds of billions of dollars in student loan debt.
Biden announced in August of last year that his administration would “forgive” $10,000 in federal student loan debt for those making less than $125,000 per year or $250,000 for married couples. Debtors who borrowed money before July 1 can qualify.
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A court granted an administrative stay against canceling any debt under President Joe Biden’s federal student loan forgiveness program Friday.
The Eighth Circuit Court of Appeals made the order at plaintiffs’ request over Nebraska, Missouri, Arkansas, Iowa, Kansas and South Carolina’s lawsuit, which argues the Biden administration’s mass debt cancellation effort is unconstitutional. The court set the stay to expire when it rules on an injunction against the cancellation policy, giving the administration until Monday at 5 p.m. CT to respond.
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President Joe Biden’s plan to forgive some federal student loan debt received a lukewarm reaction from some Georgia groups who say the policy is unfair and won’t help ease inflation.
“We’re disappointed to see yet another policy out of Washington that creates more problems than it solves,” Eric Cochling, the chief program officer and general counsel for the Georgia Center for Opportunity, said. “In addition to contributing to already runaway inflation, this plan from the White House doesn’t actually forgive debt, it simply transfers the burden to taxpayers.”
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The reactions of Michiganders to President Joe Biden’s effort to forgive some student loan debt range from predicting an economic boom to even higher inflation.
Michiganders earning less than $125,000 will have $10,000 in student loan debt cancelled. Married couples earning less than $250,000 will have $20,000 of student-loan debt cancelled. Pell Grant recipients will have $20,000 in student debt forgiven. The pause on payments for all borrowers has been extended through the end of the year.
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Thursday morning on The Tennessee Star Report, host Leahy welcomed student loan attorney, D.J. Rausa of Marshal and Associates in Mt. Juliet, Tennessee to the newsmaker line to help understand Joe Biden’s executive order that forgave $10,000. in student debt for 30 million Americans.
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President Joe Biden announced Wednesday his administration would “forgive” $10,000 in federal student loan debt for those making less than $125,000 per year. The Committee for a Responsible Federal Budget said the plan could cost taxpayers more than $200 billion.
The total income cap is expected to be higher for married couples, likely around double the $125,000 mark, though that has not been confirmed.
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Transferring hundreds of billions of dollars of student-loan debt—as Joe Biden is reportedly considering—would be unjust, indiscriminate, and remarkably irresponsible. It would force everyday Americans who didn’t take out those loans to shoulder their burden in the form of higher taxes or increased national debt (which, inevitably, leads to higher taxes). But none of this matters as much as the worst thing about such a potential action: It would be a naked violation of our constitutional forms, a move more monarchical than republican.
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