Education Secretary Miguel Cardona testifies during a Senate Appropriations Subcommittee on Labor, Health and Human Services, and Education, and Related Agencies hearing on Capitol Hill in Washington, April 30, 2024. ** FILE **A federal court in Missouri has blocked President Biden’s latest attempt to forgive nearly $500 billion in student loan debt.
Under the latest rule revision, several changes would be made for student loan borrowers to shield more of an individual’s income that is calculated when determining monthly payments, lower the number of years for a borrower to qualify for loan forgiveness and shield the borrower from part of the accused interest.
“Because Plaintiffs have shown that Missouri faces impending harm from any additional loan forgiveness under the Final Rule, the Court finds it necessary to enjoin Defendants from any further implementation of the Final Rule’s loan forgiveness provisions until this matter can be fully litigated,” the judge wrote.Missouri Attorney General Andrew Bailey, a Republican, said the Biden forgiveness plan would have cost taxpayers $475 billion.
Missouri was joined by Florida, Georgia, Arkansas, Oklahoma, North Dakota and Ohio in suing the Biden administration to block the implementation of the latest rule, saying it would actually cost taxpayers $45 billion more than Mr. Biden’s previous order attempting to forgive student loan debt.
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