President Student Debt Forgiveness Plan Failed, Student Loan Debtor Prepares For Years Of Repayment

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Last Month, the Supreme Court struck down President’s Biden student debt forgiveness plan, which would bring economic relief to 1.4 billion Texans.

President Biden’s Student Debt Forgiveness Plan Failed, Student Loan Debtor Prepares For Years Of Repayment
President Student Debt Forgiveness Plan Failed, Student Loan Debtor Prepares For Years Of Repayment (Photo: Vox)

 

The Supreme Court decided to strike down the student debt forgiveness plan of President Biden

The student debt forgiveness plan has no authority under regulations under the Education Act.

The student debt forgiveness plan would cancel up to $20,000 in loan payments to Texan students who received Pell Grants to attend college education. The student debt forgiveness program could give economic relief to billion Texans.

The student debt forgiveness plan beneficiaries must decide whether to continue avoiding their loan payment or resume repayment of their student loans this coming October.

Read Also: Supreme Court Decision On President Biden’s Student Loan Debt Relief Approach Is Bigger Than What You Think

The student debt forgiveness plan supporters insisted that removing student debt could boost the economy

Before the higher court disagreed with the student debt forgiveness program, which tried funding to cancel student loans through the HEROES Act, the student debt forgiveness plan encountered a lot of critics.

The critics objected to the student debt forgiveness program, saying it would benefit only the fresh graduates who could pay off their student loans.

The critics argued that the student debt forgiveness program is unjust because it wouldn’t benefit old graduates who paid their student loans.

Read Also: Biden’s Student Loan Forgiveness Plan Rejected; Swindlers Arose

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