President Biden Makes Big Announcement About Student Debt

The President's remarks came shortly after a major Supreme Court decision...

Photo byGage Skidmore via Wikimedia Commons

President Biden recently made a statement on the Supreme Court's decision to block his plan to forgive student loan debt for millions of Americans. According to CBS News, borrowers will need to start repaying their loans on September 1st. However, more than 12 million people with student debt could find it difficult to make payments on time.

"Let me begin by saying I know there are millions of Americans in this country who feel disappointed and discouraged, or even a little bit angry, about the Court’s decision on student debt," said President Joe Biden. "And I must admit I do too."

"My plan would not only have been life-changing for millions of Americans," continued Joe Biden. "It would have been good for the American economy. Freeing millions of Americans from the crushing burden of student debt, more homes would have been bought, more businesses would have been started, more couples would have had the confidence to start a family. Millions of people would have felt they could get on with their lives."

"I believe the Court’s decision to strike down my student debt relief program was a mistake, was wrong," said President Biden. "I’m not going to stop fighting to deliver borrowers what they need, particularly those at the bottom end of the economic scale. So, we need to find a new way. And we’re moving as fast as we can."

President Joe Biden continued to outline a plan that aims to help millions of Americans with their student debt. According to the President, his plan is consistent with the Supreme Court's decision, and will provide relief to those struggling to make payments.

"We will ground this new approach in a different law than my original plan, the so-called Higher Education Act," said President Joe Biden. "That will allow Secretary Cardona, who is with me today, to compromise, waive, or release loans under certain circumstances."

"This new path is legally sound," he continued. "It’s going to take longer, but, in my view, it’s the best path that remains to providing for as many borrowers as possible with debt relief. I’ve directed my team to move as quickly as possible under the law.  Just moments ago, Secretary Cardona took the first step to initially that — to initiate that new approach.  We’re not going to waste any time on this.  We’re getting moving on it.  It’s going to take longer, but we’re getting at it right away."

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