One day after President Biden touted new sweeping student loan bailouts on the campaign trail, one Republican attorney general initiated legal action against the administration. "So the last plan that Biden put forward would have cost Missouri taxpayers $44 million, more than a half trillion dollars nationally. And we anticipate this plan is going to cost Missouri exactly the same amount, if not more.
The result would see roughly 23 million Americans having their loans cut down to the principal amount. The plan would also further cancel debt for borrowers who have held onto their loans for decades without fully paying them off. The forgiveness would apply to any undergraduate debt lasting more than 20 years and any graduate debt lasting more than 25 years, according to WSJ. "The Constitution gives the power of the purse to the legislative branch, not the executive branch.
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