the president saying he s going to pursue student loan forgiveness through another means, through the higher education act of 1965. this is a pathway that progressives have been calling for the president to pursue should the supreme court invalidate this. and the president also laying out other steps in response to this ruling including a 12-month repayment off-ramp on-ramp rather where interests will continue to accrue on student loans but buyers will face no impact on their credit or face default if they miss payment in 12 months. and finally the department finalalizing the income based student repayment program which will lower that repayment from 10% of income to 5% of income for individuals who apply. the president s advisers say it s too early to say whether this new student loan repayment pathway will impact as many americans, up to 40 million americans that could have seen their loans forgiven under this new plan. but the president making clear even as he has previously
that you shouldn t write checks that you re not prepared to cash. president biden promised to dismiss $10,000 in loans for individuals who had less than $50,000 in debt and to do so at hbcus as well, and while there have been significant investments toward that, that there has not been delivery on that particular promise. i appreciate you naming the time i spent having served our country working for still my president barack husain obama, there s a question about authority whether the constitution carves out the space for the secretary of education or president biden to dismiss loans. there s a consideration clause in the higher education act of 1965, early on in the administration of president biden instructed the department of education to issue a study, this department has sat on that study. they should release the study and continue the conversation about how much to dismiss.