How many times must the Supreme Court tell someone that their actions are unconstitutional before they listen? They are not a King. McCarthy said on Fox Business Kudlow’s show on Tuesday that they do not have authority.

He said that the debt limit deal required student loans to be paid again – and he threatened to pass more bills or take legal action in order to stop Biden’s latest moves.

The speaker stated that if they had to act, they would have to return to the Supreme Court. If we were to pass legislation, we would show them what powers he had and what he did not.

Saving on a Valuable Education, the new income-driven repayment plan from the White House, will reduce student loans payments from 10% of discretionary income down to 5%.

The new plan also caps interest on loans. Under the new plan, the department will “stop charging any monthly interest that is not covered by the borrower’s payment”.

The plan also includes early loan forgiveness.

After 10 years of consistent monthly payments, the balance of borrowers with less than $12,000 will be forgiven.

The department stated that ‘for each additional $1,000 in debt above this level, the plan will add an additional [one-year of payments] up to a maximum period of 20 or 25,’

On the Federal Student Aid site, borrowers can find out the application process. The plan is open to all borrowers who have direct loans from the Education Department, including those with Direct PLUS loans and Direct subsidized loans for graduate students and professionals, as well as direct consolidation loans.

Education Department estimates that over 1 million low income borrowers may have their monthly payments cancelled if they earn less than 225% the poverty guidelines set by federal government.

The Supreme Court ruled in June that Biden’s $400-billion plan, which would have forgiven debts up to $20,000 for 43 million borrowers, was invalid.

The majority of the court had stated that it could not forgive debts without an act from Congress.