Introduction
On June 30, the Supreme Court ruled in Biden v. Nebraska that the Secretary of Education does not have authority under the HEROES Act to establish a blanket student loan forgiveness program. Interested readers can find the most significant details on the Biden’s Administration’s loan forgiveness executive orders and rulemakings in this series of insights by Data and Policy Analyst Tom Lee.
SHARE THE SERIES
The Daily Dish
Student Loan Forgiveness Again (I know, I know. Sorry.)
It came across the CNBC crawl midmorning yesterday: “Biden Announces $9B in Student Loan Forgiveness for 125,000 Borrowers.” I nearly choked on my Twizzlers. Hadn’t the Supreme Court blocked his reckless, illegal vote-buying scheme? How could he do it? And $9 billion…
Insight
SCOTUS Blocks the Biden Administration’s Blanket Student Loan Forgiveness
On June 30, 2023, the Supreme Court of the United States (SCOTUS) ruled to block the Biden Administration’s blanket federal student loan forgiveness plan. The plan, first announced in August 2022, called for forgiving $10,000 in outstanding balances for borrowers…
Insight
Details on the Biden Administration’s $10,000 Federal Student Loan Forgiveness
Executive Summary On August 24, President Biden announced $10,000 blanket loan forgiveness for borrowers of federal student loans who make less than $125,000 per year and for married borrowers whose combined spousal income is less than $250,000 per year. The…
Insight
Biden Administration Turns Direct Student Loan Program Into a Permanent Big Spender
Executive Summary The Federal Direct Loan program, designed as part of the “pay for” for the Affordable Care Act, was projected by the Congressional Budget Office to save taxpayers $62 billion over a decade; this assumed, of course, that student…
Insight
The Biden Administration’s New REPAYE Plan: Thinly Veiled Blanket Student Loan Forgiveness
Executive Summary On January 11, the Department of Education proposed new regulatory changes to income-driven repayment (IDR) plans – particularly the Revised Pay As You Earn Repayment Plan, or REPAYE – for federal student loans that focus on lowering repayment…
Insight
The Department of Education’s Final Rules on Targeted Federal Student Loan Forgiveness Programs: Expanded Eligibility and Continued Focus on For-profits
Executive Summary On October 31, 2022, the Department of Education released final regulations on five targeted federal student loan forgiveness programs that are slated to go into effect July 1, 2023. The final regulations mainly loosen the programs’ eligibility requirements,…
