CULVER CITY, Calif. — After the Supreme Court struck down President Joe Biden’s plan to cancel billions of dollars in student loan debt, borrowers wondered how he would make good on his promise to tackle debt burdening millions of Americans. The answer: He would do it bit by bit. Biden on Wednesday canceled $1.2 billion in student loan debt, bringing the total amount that he has wiped out during his time in office to $138 billion for 3.9 million borrowers. It is a far cry from his initial plan,
It is no secret that the Biden administration is steadfast in its determination to forgive as many student loans as possible, no matter what the law says.
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The first meeting of the Education Department’s student debt relief negotiating committee offered glimpses at what kind of loan forgiveness the Biden administration might propose. Ever since President Biden said that his administration would try again to offer broad student debt relief after the Supreme Court struck down his first plan, experts and advocates have wondered what shape that relief would take. On Tuesday, the department offered its clearest answer yet at least about what it is not planning to do.
Borrowers are excluded from federal rulemaking committees for having a “conflict of interest,” while conservative-funded think tanks are cited as authorities by a credulous press.