In remarks that betrayed barely suppressed disappointment and anger, President Joe Biden promised that his administration would pivot to provide debt relief to student loan borrowers in the wake of the Supreme Court blocking his previously announced plan.
PUBLISHED 5:40 PM EDT Jun.
That new way, Biden said, involves authorizations within the Higher Education Act of 1965 that would allow Education Secretary Miguel Cardona to compromise, waive or release loans. In addition, the Department of Education has established the “most affordable repayment plan ever created,” which is intended to help borrowers save more than $1,000 per year.
Bharat Ramamurti, deputy director of the White House National Economic Council, said it was still too early to know if the number of Americans who will benefit from this plan is similar to the number estimated to benefit from the previous one. “The Higher Education Act has a pathway and we are going to use that pathway,” Cardona said, adding the reason the administration pursued debt relief through the HEROES Act first was because the “pathway was quicker and we had the authority to do that.”
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