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Biden tries again at student loan cancellation, for those in financial hardship (abcnews.go.com)

submitted 1 year ago by MicroWave@lemmy.world to c/news@lemmy.world

55 comments fedilink hide all child comments

The Biden administration is moving ahead with a new path to student loan cancellation for Americans who face steep medical bills, child care costs and other types of financial hardship that prevent them from repaying their loans.

Announced Friday, the proposed rule is President Joe Biden's third attempt at student loan cancellation as he faces repeated legal challenges from Republican states. His first plan was rejected by the Supreme Court last year, and his second plan has been temporarily halted by a federal judge in Missouri.

The new rule would have to clear a number of hurdles before it becomes official, and it's unclear if it could be realized before Biden leaves office in three months. Like Biden's other loan forgiveness proposals, it could face court challenges from conservatives who say it's unconstitutional and unfair.

If finalized, the new rule would allow the Education Department to proactively cancel loans for borrowers if the agency determines they have an 80% chance of being in default on their loans within two years. Others could apply for a review to determine if they meet the criteria for cancellation.

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[–] InverseParallax@lemmy.world 1 points 1 year ago (1 children)

No, because that's established norm.

Again, I'm for the move, I just know what the response will be from the other side.

In terms of game theory this is a short term gain for a massive long term loss, this is like the court appointment nuclear option, it was used more effectively by the other side because they had fewer scruples in the way.

[–] FlyingSquid@lemmy.world 1 points 1 year ago

Again, this is like saying if an earthquake destroys San Francisco tomorrow, it's too close to an election for Biden to spend the money it would take to send FEMA in to help people.

People are suffering right now financially, in part because of crippling student loans. If you aren't, that's great. Suggesting struggling people should have to wait to get help they really need from someone who has spent four years trying to help them because now it's too close to an election is ridiculous.

I'm also put in mind of what Obama was told about making a vacant supreme court appointment too close to an election, which resulted in, amongst other things, Roe v. Wade getting struck down.