News

49 readers

2 users here now

Breaking news and current events worldwide.

founded 1 year ago

Biden administration forgives $39 billion in student debt for more than 800,000 borrowers (www.cnbc.com)

submitted 1 year ago by Girlparts@kbin.social to c/news@kbin.social

19 comments fedilink hide all child comments

The Biden administration announced it would automatically cancel education debt for 804,000 borrowers, for a total of $39 billion in relief.

you are viewing a single comment's thread
view the rest of the comments

[–] zalack@kbin.social 10 points 1 year ago (1 children)

How did this get around the recent Supreme Court ruling? I'm curious about the legal mechanism being employed here.

[–] admiralteal@kbin.social 14 points 1 year ago

Setting aside the fact that the SCOTUS ruling was totally out of step with the law to begin with...

This is not really debt forgiveness. This is ostensibly just correcting clerical errors that were being consistently made by the last several administrations in the DOE.

They've been mishandling these loans egregiously for a long time, demanding debtors pay more than they should ever have needed to and failing to properly consider appeals and reconcile issues.

I would bet this project to identify and correct issues has been going for a long time in parallel to the other debt forgiveness plans. No way it was a small amount of work or a spur-of-the-moment decision.