Were you counting on President Biden’s plan to forgive up to $20,000 in student loans?
That could have forgiven $379 billion in student loan debt.
Unfortunately, the president does not have the authority to forgive student loan debt.
The U.S. Supreme Court made it clear in a 6-3 ruling on June 30, the authority rests with Congress.
Loan repayments were paused due to the Covid-19 pandemic, and then extended, but Congressional legislation in June on the debt ceiling prohibited additional extensions.
The federal pandemic emergency officially ended on May 11.
A bill was introduced in March 2021 in the House of Representatives to forgive student loan debt for those with adjusted gross income of $100,000 or less but it didn’t get support.
In January 2023, a bill was introduced in the Senate to prevent “class-based” student loan forgiveness “without the explicit appropriation of funds by Congress for such purpose.”
In June, House Republicans are proposing HR 4144: Two choices, automatic repayment, set at 10% of borrowers’ discretionary income and capping interest at 10 years, or a 10-year repayment plan. These would replace the current array of confusing options. The bill has been referred to the education and the workforce committee.
The Congressional Budget Office is forecasting the federal deficit will reach $1.539 trillion this year due to falling revenues and higher spending and healthcare costs.
The Aptos Times would like to inform our readers on the topic of student loan debt.
Tell us where you went to college, your major, whether you got your degree, where you work now and details on how you borrowed the money.
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Would you like to share your story? Call editor Jondi Gumz, 831-688-7549 x17 or email info@cyber-times.com.
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