Biden could nevertheless proceed to cancel student loan debt using one or both of these statutory authorities, risking potential court challenges. However, based on his past comments expressing concerns that widespread student loan forgiveness would benefit wealthy graduates of Ivy League schools , Biden may try to limit relief based on certain criteria, such as a borrower’s income or the type of school they attended.
Changing how these programs work could ultimately result in substantial relief for a wide swath of borrowers. But the regulatory rewrite process — called negotiated rulemaking — is painfully slow, involving multiple rounds of public hearings and consensus-building. It could be one to two years before the process is complete and new regulations are finalized.The Biden administration would likely cooperate with Congress to enact more far-reaching student loan reforms.
But such an approach may not satisfy the most ardent supporters of broad cancellation of student debt. Relief would be provided in fits and starts, and many borrowers would not see any benefits at all before the expiration of the student loan payment pause ; that could lead to hardship and default for many.
It means nothing like everything that comes out of his mouth
Biden actually has more urgent and fatal thing to handle, but student loan seems get closer to his capability and courage level.
I means sorry whitey
It means all people of color and white people with shit degrees who refuse to pay their debt will get their debt cancelled. Those who have degrees that translated to employment and are responsibly paying off their debt will be ineligible for the benefit.
60% of all school loan debt is held by the upper 40% of household income earners. And don't forget, the colleges already got paid!
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