People are starting to go legal against the President’s effort to forgive the burden of some student loan debt…..
Biden has been under YUGE pressure to do student loan forgiveness…
But some who have paid off their loans aren’t happy…
And of course Republicans aren’t happy because a Democratic President is doing this….
And some companies that make tons of money off the system ain’t happy….
(He doesn’t want to send a note reminding people he did this like Trump did for stimulus checks, eh?)
These same people had no problem with Republican Trump forgiving student loan debt for disabled Vet’s….
Thursday’s policy reversal comes as the Biden administration this week faces its first major legal challenges to the program, which Republicans have railed against as an illegal use of executive power that is too costly for taxpayers.
The federal student loans held by private entities — through a program known as the Federal Family Education Loan program — is a relatively small subset of outstanding federal student loans. It accounts for just several million of the 45 million Americans who owe federal student loans.
But the business interests that surround the program — a collection of private lenders, guaranty agencies, loan servicers and investors of the loans — make the federally guaranteed loan program an outsized legal threat to the administration.
Private lenders and other entities that participate in the federally guaranteed student loan program are widely seen, both inside and outside the administration, as presenting the greatest legal threat to the program.