By The opinion
01 Aug 2024, 01:35 AM EDT
Biden administration tries again to forgive student debt for tens of millions of Americansafter the Supreme Court rejected its first attempt last year.
In the coming days, The Department of Education will begin sending emails to borrowers who may be eligible for large-scale loan cancellation, the department said Wednesday.
That student debt relief is expected to be delivered in the fall, possibly weeks before the 2024 presidential election.
“Today, the Biden-Harris administration takes another step forward in our effort to provide student debt relief to borrowers who have been failed by a broken system,” said the Secretary of Education, Miguel Cardonait’s a statement.
If, for any reason, a borrower wants to waive debt forgiveness, they must do so by Aug. 30 with their loan servicer, the Department of Education said.
Borrowers who are likely to qualify For partial or full debt cancellation, these include those who owe more now than when they started repaying and people who have been paying off their loans for decades.
On the same day that the Supreme Court blocked President Joe Biden’s first attempt to forgive student debt, it was announced that The White House would try to deliver relief another way.
President Biden originally attempted to cancel the debt through executive action.
This time, Biden has ordered the Department of Education to follow the regulatory processwhich experts say should increase its chances of surviving the inevitable next round of legal challenges.
The Department of Education is expected to release its final rule on debt relief sometime in October.
Biden said in a statement: “Despite attempts led by MAGA extremist Republicans to block our efforts, we will not stop fighting to provide relief to student loan borrowers, fix the broken student loan system, and help borrowers get out from under the burden of student debt.”
Keep reading:
• Appeals court blocks Biden’s student debt relief plan
• Federal judges block Biden’s latest attempt to reduce student debt
• Secretary Cardona highlights that Latinos are among those who benefit most from the student debt relief plan