In the past week, two separate courts controlled by conservative judges have ruled against the Biden administration’s plan to cancel tens of thousands of dollars in federal student loan debt for millions of borrowers, putting that relief in jeopardy.
Biden’s executive order will cancel $10,000 in debt for anyone who went to college and earns less than $125,000; $20,000 for borrowers who also received Pell Grants and meet the income threshold; and dramatically reduces monthly payments for low- and middle-income borrowers moving forward.
Voters under 45 support student debt cancellation in overwhelming numbers, and new polling from Courier Newsroom and Data for Progress shows canceling some amount of federal student loan debt could be a political winner for President Joe Biden. Tens of millions of Americans with federal student loans are holding their breath to see whether they’ll...
About 45 million borrowers in the US collectively owe $1.6 trillion in student loan debt, a burden that has left millennials worse off than their parents, delayed marriages and children, widened the racial wealth gap, and had devastating mental health consequences.