U.S. President Joe Biden's plan to forgive federal student loans, first announced in August, has been blocked by two legal challenges, clouding the financial future for millions of American students and graduates.
Biden said on Tuesday he was confident the plan is legal, and announced new, temporary relief for borrowers that may mean their next loan payment is not due until August 2023.in student loan payments until no later than June 30, 2023. The pause will allow the U.S. Supreme Court to review his administration's requests to lift lower court orders blocking the plan, which affects loans held by the Department of Education.
The Biden administration has asked the Supreme Court to put on hold a Nov. 14 decision by the St. Louis, Missouri-based 8th U.S. Circuit Court of Appeals, which granted an injunction request by Republican-led states Arkansas, Iowa, Kansas, Missouri, Nebraska and South Carolina. The states are due to respond to the request on Wednesday.
It is also asking a federal appeals court in New Orleans to put on hold a separate Nov. 10 ruling by a Texas judge appointed by Republican former President Donald Trump that declared the debt forgiveness plan unlawful. The administration has said if the 5th U.S. Circuit Court of Appeals does not grant that request, it will ask the Supreme Court to intervene.
Deep South states will get the greatest benefits per borrower from the Biden order, New York Federal Reserve research shows, including South Carolina, one of the six behind the lawsuit:The cost of higher education has skyrocketed in the United States in the past three decades, doubling at private four-year colleges and universities and rising even more than that at public four-year schools, according to research from the nonprofit College Board.
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