Student loan forgiveness has the potential to help an estimated 40 million borrowers in the U.S. Though, President Joe Biden’s student loan forgiveness program came to a halt due to an appeals court’s decision.
The 8th Circuit Court of Appeals issued a halt on the student loan forgiveness program after an emergency motion from lawyers of Republican-led states, theThe pause brings up many questions about the future of the program and the legal challenges following the ruling — especially for borrowers who already applied for forgiveness. Here’s what you need to know.
“It’s such a rollercoaster for borrowers emotionally,” said Laurel Taylor, CEO of Candidly, a student debt and savings service, viaThough she also mentioned, “The best thing borrowers can do for themselves now is apply” for the forgiveness program.According to, the Biden administration said the states did not prove they would be hurt by the forgiveness program. The administration also said limitations to the program should be handled by the states that are suing. This would impact 2.
Arkansas, Iowa, Kansas, Missouri, Nebraska, and South Carolina said the program would hurt their states’ student loan programs in the appeal of the lower court ruling,“The stay prohibits the administration from discharging any debt until the court rules on the appellants’ motion for a preliminary injunction pending appeal, but it does not prohibit the administration from collecting or reviewing applications,” said Benjamin Salisbury, Heights Securities analyst, in a Monday note.remains open.
“We will continue to review applications. We will quickly process discharges when we are able to do so and you will not need to reapply,” the Education Department added. “No matter the decision of the Eighth Circuit Appeals Court, we expect either side to appeal to the Supreme Court, with the decision to be reviewed first by Justice Brett M. Kavanaugh,” Salisbury wrote.
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