The president announced ways his administration is pursuing debt relief 'as fast as we can' after the Supreme Court overruled Biden's student loan relief plan.
President Joe Biden talks to reporters on Wednesday at the White House in Washington, D.C. The president on Friday vowed to keep pushing for student debt relief after the Supreme Court denied his loan cancellation plan."This new path is legally sound," Biden said from the White House Friday afternoon."It's going to take longer, but, in my view, it's the best path that remains to providing for as many borrowers as possible with debt relief.
The White House also announced Friday that Cardona had finalized the Saving on a Valuable Education Act, which the administration deemed"the most affordable repayment plan ever created." Under the new repayment option, the number of monthly payments for undergraduate loan borrowers will be cut from 10 percent of discretionary income to 5 percent, which, the White House said, will save borrowers"at least $1,000 a year" in payments.
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