The Eighth Circuit Court of Appeals temporarily blocked President Biden’s Student Loan Debt Forgiveness Program. The federal court granted a stay in response to appeals filed by six states. A lower court initially dismissed the case brought by those six states due to lack of standing. Biden’s program cannot go forward until the courts rule on the state’s injunction preventing the Government from discharging debts. Such a ruling was predicted due to Biden acting on his own, without Congressional approval. 22 million Americans have filed for student loan debt relief in the past week alone.
Biden’s program, if allowed to proceed, will cancel up to $10,000 of student loan debt for individual borrowers making less than $125,000 of annual income. Pell grant borrowers in the same income bracket will be eligible for $20,000 of debt cancellation. NPR reports that the program will cost the American taxpayer $400 billion. If the program comes attached in a bill with a bunch of other pork and unnecessary expenditures, that $400 billion number could easily rise close to one trillion dollars.
SOURCES:
Court temporarily blocks Biden’s student loan forgiveness | AP News
Judge dismisses effort to halt student loan forgiveness plan | AP News
Court temporarily blocks Biden’s student loan forgiveness plan | PBS NewsHour
What to know now that Biden’s student debt relief is temporarily blocked : NPR
Appeals court pauses Biden’s student loan relief program until review is complete
Federal appeals court temporarily blocks Biden’s student debt relief program
Appeals court pauses Biden student debt relief program while it reviews case | CNN Politics
Court temporarily blocks Biden’s student loan forgiveness
Appeals Court Temporarily Halts Biden’s Student Debt Cancellation – The New York Times
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