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Student Loan Forgiveness: Will Biden’s Plan be Implemented in February 2023?

President Joe Biden’s student loan forgiveness program has been blocked by the US Supreme Court, which issued its decision on Thursday. The case’s arguments have been set for February of 2019.

The court’s brief order did not mention any dissents or offered no explanation for the decision. It took action after the Justice Department asked the Supreme Court justices to lift an injunction issued by the US Court of Appeals for the Eighth Circuit in St. Louis by filing an emergency application.

Student Loan Forgiveness Program

Millions of federal borrowers participating in Biden’s scheme have up to $20,000 in student loan debt forgiven, and it has been the subject of numerous legal disputes. The six states that filed the challenge, Arkansas, Iowa, Kansas, Missouri, Nebraska, and South Carolina, are thought to pose the biggest threat.

The six states’ representatives said Biden’s proposal goes beyond his executive power and would rob their territories of federal funding.

A coronavirus relief measure that started under the previous administration and has been frequently extended allows most borrowers to skip payments starting in March 2020.

The Biden administration also stated last week that the payments will be postponed until September of next year.

About 26 million debtors have already requested to forgive some of their student loan debt.

Although the American government has already given approval to almost 16 million petitions, no debt has actually been forgiven as of yet because of legal complications. The Education Department, which is in charge of managing the $1.5 trillion portfolio of student loans owned by the government, has suspended accepting applications due to the situation.

READ MORE: China Slowly Backing Away from Harsh COVID-19 Rules

Plan Remains Blocked

Student Loan Forgiveness-Biden-Plan-February-2023
President Joe Biden’s student loan forgiveness program has been blocked by the US Supreme Court, which issued its decision on Thursday. The case’s arguments have been set for February of 2019.

The Biden administration maintained that the Higher Education Relief Opportunities for Students (HEROES) Act of 2003 affords the Education Department the authority to forgive $10,000 in student loan debt for each borrower in the event of a national emergency in spite of the legal issues.

The COVID-19 pandemic was allegedly utilized by the Biden administration as a false justification for the student loan forgiveness program, according to the six states. According to officials, the decision to cancel a portion of the borrower’s student loan debt was illegal exploitation of the HEROES Act.

They said that the focus on the health crisis was solely intended to conceal Biden’s intention to complete his campaign pledge to forgive student loan debt and that the legislation required a genuine connection to a national emergency.

Millions of economically disadvantaged borrowers were placed in limbo due to what Solicitor General Elizabeth Prelogar called an erroneous order issued by the federal appeals court. They are now unable to make financial decisions with the assurance that they comprehend their upcoming payback commitments since they are unsure of the extent of their debt.

READ MORE: Missing Stimulus Checks: IRS Owes COVID-19 Relief to 10 Million Americans; Are You One of Them?

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