President Biden's student loan forgiveness plan was blocked by a second federal court today. The ruling was that the loan forgiveness was it "usurped Congress' power to make laws." Students who applied and got accepted were expected to receive $10,000 in loan forgiveness. 43 million people were eligible for this, and 20 million people would have had their debt completely erased. Additionally, "the White House said 26 million have already applied to the program, and 16 million have already had their relief approved." however, the Congressional Budget Office has stated that the program will end up costing over $400 billion over a span of the next three decades. This is leaving a lot of people confused on if their relief is going to go through, and if the program will continue or not. This debt relief was going to be really helpful for a lot of people experiencing financial stress or wanting to use this opportunity to go to college or grad school. However, the back-and-forth situation is putting a lot of people in a more stressful situation than they were in before.
By: Sarah Hein
No comments:
Post a Comment