President Biden Announces Relief Program for Student Loan Debt

President Joe Biden delivers remarks on student loan debt at Madison College, Monday, April 8, 2024, in Madison, Wis. on Monday, hoping to provide some relief to 30 million Americans who are paying back loans for their education.

The new strategy uses a different legal authority than what the Supreme Court rejected, which the administration believes is more likely to stand up to judicial scrutiny in anticipation of lawsuits from GOP state attorneys general.The White House estimates the plan could help up to 30 million Americans if it goes through as planned.

Loans would also be canceled for people who attended “low financial value” programs at institutions that lost their eligibility to participate in the federal student aid program or were denied recertification. One of the core components of Biden’s relief plan is to provide relief to borrowers who are eligible for forgiveness programs that are already in effect but have not yet applied.The White House is planning to roll out the proposals under the plan in the coming months in hopes of having some parts go into effect this fall, pending certain legal challenges.

“Biden is on his 3rd attempt to cancel student loans. Republican AGs stopped the 1st one. We're working on stopping the 2nd. And if his 3rd attempt is as poorly reasoned legally as the first two, we will stop that one too,” Kansas attorney general Kris Kobach said in a post on X, formerly known as Twitter.

“We have studied the Supreme Court's decision carefully. We intend to pursue these regulations in a way that is entirely consistent with that decision,” an administration official told reporters. “The plans involve different considerations by providing targeted relief to borrowers with particular circumstances, so this isn't the same plan, and we feel confident going forward.

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