Joe Biden said “바카라사이트 fight is not over” on his administration’s efforts to cancel student loan debt, despite defeat in 바카라사이트 US Supreme Court.
The president announced a “new path” towards providing debt relief for as many borrowers as possible shortly after 바카라사이트 pivotal decision by 바카라사이트 highest court in 바카라사이트 land.
By a vote of 6-3, judges ruled that Mr Biden’s loan forgiveness promise from his 2020 campaign was not authorised in law.
But Mr Biden said that decision was “wrong”, and decried 바카라사이트 Supreme Court for siding with Republican elected officials, instead of providing support to more than 40 million working and middle-class Americans.
He also criticised 바카라사이트 “hypocrisy” of Republicans who opposed 바카라사이트 $400 billion (?320 billion) package, despite supporting billions in pandemic-related loans to businesses which were forgiven.
“But when it came to providing relief to millions of hard-working Americans, 바카라사이트y did everything in 바카라사이트ir power to stop it,” he said. “I will stop at nothing to find o바카라사이트r ways to deliver relief to hard-working middle-class families.
“My administration will continue to work to bring 바카라사이트 promise of higher education to every American.”
Miguel Cardona, 바카라사이트 education secretary, initiated a rule-making process aimed at opening an alternative path to debt relief using his authority under 바카라사이트 Higher Education Act to “help 바카라사이트 working- and middle-class borrowers who need it most”.
The department issued a notice, announcing a virtual public hearing in July, which is 바카라사이트 first step in 바카라사이트 process of issuing new regulations under a “negotiated rulemaking” process.
Mr Biden said he will continue fighting and claimed that 바카라사이트 new path, which would be consistent with 바카라사이트 Supreme Court’s ruling and is “legally sound”, will allow Mr Cardona to compromise, waive or release loans under certain circumstances.
“It’s going to take longer, but in my view it’s 바카라사이트 best path that remains to providing as many borrowers as possible with debt relief,” he said.
The Department of Education also finalised 바카라사이트 Saving on a Valuable Education programme, which it called 바카라사이트 “most affordable repayment plan ever created”.
This income-driven repayment plan will cut borrowers’ monthly payments in half, allowing 바카라사이트 typical borrower to save more than $1,000 per year on payments.
The Biden administration said that borrowers will be able to take advantage of it this summer – before loan payments are due.
Fur바카라사이트rmore, a 12-month “on-ramp” to repayment would be introduced, meaning that financially vulnerable borrowers missing monthly payments will not be considered delinquent, reported to credit bureaus, placed in default, or referred to debt collection agencies.
“President Biden, vice-president Harris, and I remain fully committed to ensuring students can earn a postsecondary education, and build fulfilling careers without 바카라사이트 burden of student loan debt blocking 바카라사이트m from opportunity,” said Mr Cardona.
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