The freeze has already cost the federal government more than $100 billion in lost revenue, according to the Government Accountability Office. Critics such as the Committee for a Responsible Federal Budget are warning that another extension could worsen inflation and raise the risk of economic recession.
President Joe Biden's plan to provide millions of borrowers with up to $20,000 in student loan forgiveness is now on hold after a U.S. judge in Texas blocked the plan on Friday. Ayelet Sheffey with The Insider joins LX News to discuss what's next for borrowers. “Honestly, there’s a lot of frustration toward the Biden administration. I think that they anticipated that there would be legal challenges to the student loan cancellation,” she said, calling the court challenges “to be expected.”
About 6 in 10 voters under 45 approve of Biden’s handling of student debt, according to AP VoteCast, a survey of more than 94,000 voters nationwide. Voters as a whole were almost evenly divided on the issue, while Democrats were far more likely to show approval than Republicans. “Borrowers do not feel that the pandemic is over, they do not feel that the economic impacts are over,” said Natalia Abrams, president of the center. “We need to pause payments until all legal hurdles are cleared.”
Some groups say Biden should pursue other legal avenues to deliver his promise. The Debt Collective, a union of borrowers, is urging Biden to cancel debt immediately by invoking the Higher Education Act, the same legal authority initially suggested by supporters including Sen. Elizabeth Warren, D-Mass.
I'm happy to not pay the bill. Make the colleges pay for the mess they've made.
About time!!!
if instead of spending so much on the army and weapons, it should be better to invest more in schools and teachers, so there would be no need to ask for loans!
Pelosi said Biden didn’t have the authority !… Student Loan Forgiveness was a scam.
Awesome! The president doesn't have the authority to pay off student loans. He acted outside the realm of his office. That's why it got blocked. Plus those who didn't take on student loans or paid their off should NEVER be forced to pay for someone else's debt. PERIOD
Good. Biden forced loan cancellation through under the guise of 'covid emergency'. It never went through congress. The president is not a king with unilateral power to cram through policy.
Good! Those people chose to borrow all that money. Gotta pay it back like they agreed to.
Headache? It helped win the Senate and reduce losses in the House. Offered money to voters, knowing it would be overturned after the election. Why do you think they waited to forgive the loans? Timing
He doesn't keep promises. He takes credit for things that the American people are doing on their own without any government interference.
GenZ got played. Welcome to politics, kids.
He promised...got the midterm votes...and now he doesn't care.
You actually reported this..now do the project veritas videos of numerous voting sites in philly showing corruption.
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