Now that the Supreme Court has left President Joe Biden’s plans for sweeping student debt forgiveness in tatters, the Biden administration is plotting new ways forward for the effort.
Some will take place immediately. Biden announced that student loan holders would have a one-year “on-ramp” period, starting in October, during which they’ll face no consequences for missing payments, for example.But others could take more than a year.
The Biden administration had argued that the pandemic, which it declared over in May, provided the basis to invoke the special relief powers of the HEROES Act. But the Supreme Court disagreed. The use of the law for the second iteration of student loan forgiveness could still be vulnerable to the same type of legal challenges that felled the first: claims of executive overreach without a legitimate basis in statute.The Biden administration had repeatedly extended the pause on student loan repayments that began during the pandemic, meaning many Americans with student debt haven’t had to make payments in years.
“During this period, if you can pay your monthly bills, you should,” Biden said Friday during a speech about the Supreme Court’s decision. The generous income-based repayment plan could have effects “for higher-income students who might otherwise cover some of the costs out-of-pocket,” the non-profit organization Arnold Ventures wrote in a comment on the proposed Biden rule, as well as for “lower-income students who might otherwise seek to minimize their debt loads.”
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