Biden's student loan forgiveness plan has already seen its first major legal challenges less than 2 months after it was first announced. Here's where things stand:
that borrowers whose federal loans are privately owned are not eligible for relief. Initially, the administration said that borrowers with privately owned loans could receive up to $10,000 or $20,000 of relief, per Politico.
The administration also updated its guidance last week to specifically say that borrowers could opt out of automatic relief. "If you would like to opt out of debt relief for any reason—including because you are concerned about a state tax liability—you will be given an opportunity to opt out," the department said reads after the update.estimatesCBO also estimated that the administration's plan to pause loan repayments through December would cost roughly $20 billion.
The Department of Education said last week that it will send weekly updates on the program to borrowers who have signed up. The White House maintains that it is holding meetings across departments to ensure that the application is released in October, per the New York Times.
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