You Got Students Loan Debt? You Might Be Stuck With It Says Missouri AG
I am willing to bet at least some of you who will read this have some student loan debt. Or took out student loans when you went to college. Not all of you, but some of you. I did take out some student loans to complete my B.A degree, and to go back to get some business training. I am still making monthly payments.
Six Republican-led states are suing the Biden administration in an effort to halt its plan to forgive student loan debt for tens of millions of Americans, accusing it of overstepping its executive powers. Missouri is one of them.
If you are not familiar with what I am referring to, the Biden administration wants to eliminate up to $20,000 of Federal student loan debt for those who qualify. In the lawsuit, being filed Thursday in a federal court in Missouri, the Republican states argue that Biden’s cancellation plan is “not remotely tailored to address the effects of the pandemic on federal student loan borrowers,” as required by the 2003 federal law that the administration is using as legal justification. They point out that Biden, in an interview with CBS’ “60 Minutes” this month, declared the Covid-19 pandemic over, yet is still using the ongoing health emergency to justify the wide-scale debt relief. You can read more HERE.
Biden’s forgiveness program will cancel $10,000 in student loan debt for those making less than $125,000 or households with less than $250,000 in income. Pell Grant recipients, who typically demonstrate more financial need, will get an additional $10,000 in debt forgiven.
We will see what happens with this lawsuit. In the meantime, there should be forms being mailed out to those who are eligible this October to fill out for potential forgiveness.