Key takeaways:
- President Joe Biden has announced a new pathway to student loan debt forgiveness following the Supreme Court’s 6-3 decision to strike down his original plan.
- The new plan will allow Education Secretary Miguel Cardona to “compromise, waive or release loans under certain circumstances.”
- Biden urged Congress to pass legislation that would make two years of community college free for all Americans.
President Joe Biden has announced a new pathway to student loan debt forgiveness following the Supreme Court’s 6-3 decision to strike down his original plan.
In an Oval Office speech on Friday, Biden vowed to continue pursuing debt forgiveness through a new path that is “legally sound” and will be grounded in the Higher Education Act.
“It’s gonna take longer – but in my view, it’s the best path that remains to provide as many borrowers as possible with debt relief,” Biden said.
The president also insisted that he “didn’t give any false hope” to borrowers through his now-defeated plan, which would have forgiven up to $20,000 in federal student loan debt.
Biden said the new plan will allow Education Secretary Miguel Cardona to “compromise, waive or release loans under certain circumstances.”
The president did not provide further details on the new plan, but said he will continue to work with Congress to provide relief to borrowers. He also urged Congress to pass legislation that would make two years of community college free for all Americans.
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