Think tanks file suit to block Biden administration's plan to cancel $39B in student loans

Financial expert Dave Ramsey joins Neil Cavuto to discuss the student loan debt crisis and the benefit of investing in a trade.

Friday's lawsuit requested for a judge to rule the latest debt forgiveness plan as illegal and to block the Department of Education from carrying it out until the case is decided. The challenge comes after several legal complaints Republicans have made to halt the Biden administration’s proposals tofor millions of borrowers. The president has said he will pursue another way to cancel student debt after the Supreme Court shot his plan down in June.

The new plan was announced as a "one-time adjustment" that would count certain periods of past nonpayment as if borrowers had been making payments during that time. The action moved 804,000 borrowers across the mark of 20 or 25 years needed for cancellation and pushed millions of others closer to that threshold.

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Conservative groups sue to block Biden plan that cancels $39B in student loansThe Education Department called the suit “a desperate attempt from right wing special interests to keep hundreds of thousands of borrowers in debt.”
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Conservative groups sue to block Biden plan canceling $39B in student loansTwo conservative groups are asking a federal court to block the Biden administration's plan to cancel $39 billion in student loans for more than 800,000 borrowers.
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