After the Supreme Court axed his proposal for student debt relief Friday, President Joe Biden rolled out a backup plan. In a White House speech, Biden said that the new plan will be rooted in the Higher Education Act, which he said will allow the administration to “compromise, waive or release loans under certain circumstances.” “It’s going to take longer, but in my view it’s the best path that remains,” Biden said, adding that the process was already in motion. His plan also includes a 12-month “on-ramp repayment program,” during which borrowers who miss payments won’t immediately face the threat of default or risk damage to their credit score. Biden called the court’s ruling “a mistake,” and also tore into Republican lawmakers for “snatching from the hands of millions of Americans thousands of dollars in student debt relief that was about to change their lives.”
In the wake of today's Supreme Court decision on student loan relief, we need a new way forward. And we're moving as fast as we can.
