Supreme Court the deliberation on the student-loan forgiveness is still rolling and expecting comments and results by Thursday, June 22, 2023.
Call for the Press Conference
Based on the report released by the Business Insider Last Wednesday, June 21, Congressional Hispanic Caucus called for a press conference regarding the plan of President Joe Biden the cancellation of $20,000 in student debt for federal borrowers. In the press conference held, Representative Alexandria Ocasio-Cortez stated that lawmakers will be focusing on student loan forgiveness and that they will make sure that borrowers will be out of debt one way or the other. The Supreme Court has not decided yet on the legality of the relief program. The plan was paused since November of 20222 due to some clarifications and other concerns arising.
Ocasio-Cortez, one of the Democratic lawmakers who never fails to push and encourages Biden to prepare a backup plan if the Supreme Court rule disagrees with the debt-relief plan. Some lawmakers suggested to Biden utilize the Higher Education Act to provide debt relief to millions of borrowers, of which the Higher Education Act is not reliable in the existence of the national emergency. The White House has not publicly spoken yet on the alternative routes that it may consider as an option in case the Supreme Court rejects the proposal.
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Finding Ways and Means for the Debt Relief
The Education Department publicly announced that the student-loan payment shall be resumed by October 2023 with an accumulated interest starting in September. The department cannot allocate additional relief to borrowers since the debt-ceiling bill signed by Biden codified the end of the student-loan payment pause.
All of the lawmakers are hand in hand working on the other routes to ensure relief for the borrowers. The GOP passed a bill that would cancel the relief which Biden vetoed the bill and the Congress shall be voting on overriding the veto.