The White House has approved student loan forgiveness for more than 16 million people, but the program is on hold until the U.S. Supreme Court decides its fate in late February.
The Biden administration on Friday announced it had “fully approved” more than 16 million people for student loan forgiveness and sent their applications to loan servicers for discharge.
The nine justices will hear oral arguments over the policy on Feb. 28 and decide whether the program moves forward.
President Joe Biden last year announced that he would forgive at least $10,000 and up to $20,000 in federal student loan debt for millions who had certain kinds of loans.
Job Creators Network sued the Biden administration in October over the policy on behalf of two borrowers who don’t qualify for all of its benefits and a Texas judge in November struck the program down, citing a failure to provide borrowers with an opportunity for public comment.
People who earn over $125,000 annually are not eligible for the loan relief program and eligible applicants are limited to $10,000 in relief unless they are recipients of Pell grants, in which case they can get up to $20,000 forgiven.
© 2023 Newsmax. All rights reserved.
Leave a Reply