President Joe Biden’s $400 billion plan to reduce student loan debt was invalidated by the Supreme Court on Friday. As a result, the long-delayed initiative that was meant to fulfill a campaign-trail commitment will not be implemented.
Biden said the ruling was disappointing and vowed to take additional steps to relieve the financial burden on those holding student loan debt.
“I will stop at nothing to find other ways to deliver relief to hard-working middle-class families,” he said. “My administration will continue to work to bring the promise of higher education to every American.”
Further, in a tweet, President Biden said, “First, I’m announcing a new path to provide student debt relief to as many borrowers as possible, as quickly as possible, grounded in the Higher Education Act. Just moments ago, Secretary Miguel Cardona took the first official step to initiate this new approach. We aren’t wasting any time.”
“Second, we’re creating a temporary 12-month “on ramp” to repayment. This is not the same as the student loan pause, but during this period – if you miss payments – this “on ramp” will temporarily remove the threat of default or having your credit harmed. This fight isn’t over,” he added.
The decision saw criticism from liberals, while conservatives appreciated the ruling. One person said, “Ever notice how forgiving loans is suddenly a big problem when students get much-needed relief, but nobody blinks an eye when the richest 20% of American households get their PPP loans forgiven? Or when corporations are handed billions in subsidies?”
Another person criticizing the ruling said, “Supreme Court ruling against the Navajo Nation, student loan forgiveness, LGBT protections, and affirmative action… It’s almost as if the state resorts to fascism when capitalism is in decay. Who on earth could’ve predicted that?”
Meanwhile, another person said, “If you want $400 billion in student loans forgiven & paid by middle class taxpayers, you’ll have to get it passed in Congress If Trump couldn’t sign an executive order to use $10 billion to build a wall, Biden can’t use an executive order to bribe voters with $400 billion”