The Biden administration is moving ahead with a new path to student loan cancellation for Americans who face steep medical bills, child care costs and other types of financial hardship that prevent them from repaying their loans.
Announced Friday, the proposed rule is President Joe Biden’s third attempt at student loan cancellation as he faces repeated legal challenges from Republican states. His first plan was rejected by the Supreme Court last year, and his second plan has been temporarily halted by a federal judge in Missouri.
The new rule would have to clear a number of hurdles before it becomes official, and it’s unclear if it could be realized before Biden leaves office in three months. Like Biden’s other loan forgiveness proposals, it could face court challenges from conservatives who say it’s unconstitutional and unfair.
If finalized, the new rule would allow the Education Department to proactively cancel loans for borrowers if the agency determines they have an 80% chance of being in default on their loans within two years. Others could apply for a review to determine if they meet the criteria for cancellation.
In before “he’s only doing it because of the election” as if that somehow makes it a bad thing.
And as if he hasn’t been doing this throughout his entire term as president.
Or as if they all don’t, and that’s not how the whole system is designed to run
Im not even american, but the FTC and Joe seem a lot cooler these past few months
That’s all Lina Khan. A diamond in the rough
Well, she’s rough on the baddies, but she seems polished and sparkly to me.
I couldn’t care less if people do the right thing for the wrong reason and I have never understood why anyone does.