The president’s loan forgiveness program awaits its day in court.
The Department of Education announced a new proposal to cut student loan payments on undergraduate loans by half and stop unpaid interest from being charged.
“Today the Biden-Harris administration is proposing historic changes that would make student loan repayment more affordable and manageable than ever before,” Education Secretary Miguel Cardona said Monday. “We cannot return to the same broken system we had before the pandemic when a million borrowers defaulted on their loans a year, and snowballing interest left millions owing more than they initially borrowed.”
Under the new program, students who take out less than $12,000 would have all of their debt canceled after 10 years. For every additional $1,000 borrowed, another year would be added until the debt is canceled.
Two lawsuits that challenge President Biden’s student loan forgiveness program are before the U.S. Supreme Court, which is scheduled to hear oral arguments in February. Briefs from the administration were due January 4 and challenger briefs are due January 27, and rebuttal briefs from the administration by February 15.
As the Lord Leads, Pray with Us…
- For Secretary Cardona to seek God’s guidance as he heads the Education Department.
- For the justices of the Supreme Court as they hear the arguments for and against student loan forgiveness.
- For student loan borrowers that are in need of debt relief.
Sources: Just The News, Forbes
