11/11/2022
The Education Department has shut down the application for borrowers to apply for President Biden’s one-time student loan forgiveness initiative. A federal court struck down the program as illegal, putting the plan in serious jeopardy.
A Texas-based federal court ruled on Thursday that Biden’s sweeping student loan forgiveness plan is illegal. Biden’s one-time debt cancellation initiative would have provided $10,000 or more in student loan forgiveness to tens of millions of borrowers who met loan and income eligibility criteria.
The federal judge, a Trump appointee, ruled that Biden’s plan was “an unconstitutional exercise of Congress’s legislative power.” He declared the program unlawful, and blocked its implementation.
Republican leaders praised the court’s ruling. “Yet another nail has been added to the coffin of President Biden’s illegal student loan bailout,” said Rep. Virginia Foxx (R-NC), Republican leader on the Education and Labor Committee, in a statement on Friday.
In response to the court ruling, the Biden administration has indefinitely suspended the application to request loan forgiveness under the initiative.
© CopyRights RawNews1st
