26 million borrowers who have already applied for cancellation or have been automatically approved are left on edge before the highest court in the nation hears arguments at the end February.
with the Supreme Court. In the Texas case, the DOJ argued that the HEROES Act of 2003 gave the Education Secretary the authority to cancel the debt, while the state of Missouri lacks standing to sue in the 8th Circuit case.
, told Yahoo Finance. “Plan B is to continue the payment pause and interest waiver indefinitely for as long as President Biden is in office.”As a result of the litigation, President Biden extended the payment pause on federal student loans until. If litigation has not been resolved by then, payments will begin 60 days after that.
“This is exactly what student debt relief plans to avoid — a projected wave of delinquency and default," Abby Shafroth, a staff attorney at the National Consumer Law Center and director of the Student Loan Borrowers Assistance Project, said in a separate press call for advocates filing amicus briefs.
Kantrowitz’s proposal could greatly increase the number of borrowers who achieve forgiveness through this income-driven payment plan, some advocates said.individuals have received debt cancellation,” Eden Iscil, a public policy manager at the National Consumers League, told Yahoo Finance. “To put this in comparison, there's roughly two million borrowers who have been in repayment for over 20 years and still have outstanding debt.
In addition to the HEROES Act, Iscil said the administration has the authority to implement debt cancellation under the Higher Education Act of 1965.
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