Biden Plans Another Try at Student Loan Relief

The Wall Street Journal reports that President Joe Biden plans to try a second time at large-scale forgiveness of student loans.

In June, the Supreme Court ruled that Biden’s administration had overstepped its powers in attempting to cancel or reduce millions of student loans. The $400 billion plan was effectively killed by the 6-3 ruling, which had conservative justices as the majority.

This plan would have erased student debt up to $20,000 for borrowers who earn less than $125,000 per year.

The Journal reported on Friday that the administration will soon be releasing a new proposal with just seven months until the presidential elections.

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Biden will outline his new strategy during a speech in Wisconsin on Monday, according to the outlet.

The president’s team believes that the debt relief campaign could reverse this trend.

James Carville, the Democrat strategist, blasted his party on Sunday for losing support with young voters.

Carville stated on his “Carville’s Classroom” podcast that he has been vocal about the issue. “It is horrifying to see our numbers among younger voters. Especially younger Blacks, younger Latinos… younger people of colour. Especially males.

“We are not losing them; they are leaving in droves.”

Once the new loan relief plan is completed, it will likely face legal action by Republican Attorneys General, who will try to convince courts to block this proposal.

Officials in the administration say that the new plan is more specific and outlines conditions for cancellation of debts, as opposed to the previous plan, which was overturned by a higher court.

Last week, a group led by the GOP sued the Biden Administration to stop a new plan for student loan repayment that offers a quicker path to cancellation as well as lower monthly payments to millions of borrowers.

In a federal suit filed by 11 states, led by Kansas, Biden is accused of exceeding his authority when he created the SAVE Plan. The plan was made available to borrower last year, and it has already cancelled loans for over 150,000 people.

The plan, it argues, is not different from Biden’s first attempt to cancel student loans.

The Journal reported that the new plan proposed by the Education Department is based upon a law from 1965 called the Higher Education Act.

The proposal includes debt relief for high-debt borrowers and those with low incomes. It also includes debt relief for those who’ve carried debt for years and seen it grow because of interest accrued, or for those who are eligible for debt relief under other federal programs and have not applied.