The Biden administration is reportedly preparing to take a second crack at broad student loan forgiveness for millions of Americans after the Supreme Court struck down its first attempt. Citing people familiar, The Wall Street Journal reported Friday that the administration will roll out proposed regulations offering sweeping bailouts as early as next week, and "the president’s advisers hope to use the rules to begin canceling waves of student debt in the run-up to the November election.
After his first plan was rejected, Biden vowed that he would "top at nothing to find other ways to deliver relief to hard-working middle-class families," and has since wiped away nearly $138 billion in federal student loans for almost 3.9 million borrowers through other actions while circumventing Congress, which holds the power of the purse.
Also on Friday, a U.S. appeals court blocked the Biden administration from enforcing a rule that would make it easier for people defrauded by their colleges or universities to have their student loans forgiven, saying key provisions were "almost certainly unlawful." U.S. Circuit Judge Edith Jones, writing for the three-judge panel, said Career Colleges and Schools of Texas was likely to succeed in proving the U.S.
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