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Joe Biden is not at all pleased by today’s Supreme Court ruling throwing out his student debt relief program. In a White House statement today, Biden pointed out that the debt relief plan would have been “life-changing for millions of Americans and their families. And it would have been good for economic growth, both in the short- and long-term.” He also promised he’d have more to say about what his administration plans to do about it in a televised speech that we have for you right here; it’s scheduled for 3:30 EDT and looks like it’ll start on time. Unless it doesn’t.
In his White House statement, Biden said he believed the Supremes got it wrong, but also called attention to other measures his administration has taken to help ease the cost of higher education and get a handle on student debt:
While today’s decision is disappointing, we should not lose sight of the progress we’ve made – making historic increases to Pell Grants; forgiving loans for teachers, firefighters, and others in public service; and creating a new debt repayment plan, so no one with an undergraduate loan has to pay more than 5 percent of their discretionary income.
And that last part, a revision to the Income Driven Repayment (IDR) program, is pretty darned impressive, as we discussed when the administration rolled it out. Beyond that, the Education Department is doing a one-time adjustment to millions of student loan balances, to fix a stupid mess created by student loan processing companies that affected millions of borrowers; we’ll be posting a new guide to that not-very-publicized program tomorrow.
Also Too!
I Got My Student Loans Ready For Joe Biden’s Big Income-Based Forgive-A-Thon And You Should Too
Did Joe Biden Just Fix Student Loan Debt Going Forward? Mayyyyybe!
We wonder if Biden’s going to talk about the one-time adjustment, or if that’s too weedsy for TV?
In any case, this is probably going to shape up as a major issue for 2024: The Court said Congress would have to pass any student debt relief, so how about we elect a Congress and reelect a president who’ll get that done? Sure beats the GOP proposal to convert people with student debt into Soylent Green.
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