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Equal Opportunity Senior Researcher Preston Cooper argues that Biden’s loan disbursement will prompt the Fed to raise rates.
The Supreme Court on Tuesday issued an emergency request for an injunction against President Joe Biden’s debt relief program, this time from a legal team on behalf of two Indiana borrowers.
In a submission submitted to Associate Justice Amy Coney Barrett, the Pacific Legal Foundation argued that the project should be halted pending an appeal to prevent “irreparable harm” it claims to result in automatic debt cancellation. Creditors — who qualify for auto loans — and similar borrowers will face “increased federal taxes” as a result, the group said.
STUDENT LOAN APPLICATIONS ARE CURRENTLY AVAILABLE THROUGH THE ONLINE PORTAL.
The plaintiffs have since been released, according to the release, and the Department of Education said it added a provision to waive automatic disqualification in the lawsuits.
Barrett protested Oct. 20 before a group of Wisconsin taxpayers made an emergency request for the nation’s highest court to halt the student loan forgiveness program while their case is appealed.
The cost of college has increased at several times the rate of inflation in the past 50 years. (istock / iStock)
That same month, the U.S. Court of Appeals for the Third Circuit granted a motion to block “student loan cancellation” by the federal government pending a separate challenge to the program. .
The demand for student loans is still alive and well, but some borrowers are still not eligible.
Biden’s debt forgiveness plan, first announced in August, seeks to eliminate $20,000 in student loan debt for Pell Grant recipients and $10,000 for non-loan borrowers. Pell Grant eligible. To qualify, individuals must have a gross income of less than $125,000, and married couples must have one of less than $250,000.
President Biden (Photo Reuters/Reuters)
His plan would cost more than $400 billion, according to estimates by the nonprofit Congressional Budget Office.
The application process, available through the Federal Student Aid website, was officially unveiled on October 17. The deadline to apply for a loan is December 31 of next year.
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