Biden forgives $7.4B more in student loan debt
The Biden administration is announcing it is cancelling student loan debt for another 206,000 borrowers even as seven more states this week filed a lawsuit to stop the forgiveness plans. The lawsuit alleges President Joe Biden is overstepping his authority, setting up another legal showdown over student debt forgiveness. With Friday’s announcement, the White House says 4.3 million Americans can now claim some amount of federal student debt relief to the tune of $153 billion. “We are past the point where one in ten people who have student loans have had their loans discharged,” said Education Secretary Miguel Cardona. Eighteen Republican-led states are now suing to stop those efforts. “The president is simply shifting the burden to those individuals who paid off their student loans or worked their way through school or chose to take a career that didn’t require a 4-year education,” said Rep. Bryan Steil (R-Wis.). Education Secretary Miguel Cardona defends the administration’s plan as critics say the administration’s plans amount to a bailout for people who took out federal loans they couldn’t repay. “Are you telling me these are the people getting