According to a note on the official application website, the Biden administration will stop accepting applications for federal student loan forgiveness after a Texas court rejected it and found the program on Thursday “unconstitutional exercise”.
“No one can reasonably deny that it is the largest piece of legislation in the executive branch one of the largest unauthorised exercise of legislative power in U.S. history,” Pittman wrote in the decision to block the student loan program.
“We remain committed to taking additional action to address longstanding issues in the student loan forgiveness system and asking schools to Being saddled with massive debt, unskilled and prepared to find a good job is responsible,” Cardona said in the statement. “We will never stop fighting for the millions of hardworking students and borrowers across the country.”
26 million. That’s the number of people asking for loan forgiveness, according to Cardona. Of those requests, 16 million have been granted.
Decision to Stop Accepting Applications for President Joe Biden’s Loan Forgiveness Program – which provides benefits for people earning less than $125,000 of $10,000 in forgiveness and an additional $10,000 to Pell Grant recipients — another blow to a key program in his administration. The White House has long argued that the debt cancellation program is legal because Cardona has the power to modify student loans during a national emergency, such as the Covid-19 pandemic. Republicans continue to oppose the plan, calling it “a short-sighted answer that will crush the American taxpayer.”
BIDEN Student Loan Forgiveness Program Blocked by Texas Federal Judge (
Appeals Court Blocks Biden’s Student Loan Cancellation Plan – Temporarily (Forbes)
This is a developing story and will be updated.