'Today's decision has closed one path. Now we're going to pursue another,' Biden says at the White House, announcing steps being taken under a law called the Higher Education Act.
a painful defeat on Friday, June 30, blocking his plan to cancel $430 billion in student loan debt – a move that had been intended to benefit up to 43 million Americans and fulfill a campaign promise.
“Today’s decision has closed one path. Now we’re going to pursue another,” Biden said at the White House, announcing steps being taken under a law called the Higher Education Act. “I’m never going to stop fighting for you. We’ll use every tool at our disposal to get you the student debt relief you need – and reach your dreams.
The court’s three liberal justices dissented. The court acted on its final day of rulings in its term that began in October. The administration said the plan was authorized under a 2003 federal law called the Higher Education Relief Opportunities for Students Act, or HEROES Act, which lets the education secretary “waive or modify” student financial assistance during war or national emergencies.
The department, Cardona said, also will provide a 12-month transition period to help borrowers successfully return to repayment without falling into delinquency or default. It will help borrowers avoid the harshest consequences of missed, partial or late payments like negative credit reports and having loans referred to collection agencies, Cardona added.
Some 53% of respondents supported Biden’s debt relief, with 45% opposed, in a March Reuters/Ipsos US poll.
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