Republicans States trying to Stop President Biden’s student loan forgiveness effort thru the Supreme’s are now aware that a whole lot of people who have received forgiveness checks and having their debt canceled are PRAYING for a thumbs up….
If the High Court turns thumbs down?
A LOT of people ARE going be disappointed and angry….
There have been other student loan pauses….
Each time payments resume?….
The default rate climbed
CNBC does a piece on other moves Biden can make if the High Court rules against his efforts ….
Most legal expert feel the court will rule against Biden….
The case argues before the court on February 28…..
President Biden is also get a beat down as his Eduction Dept. has been ALREADY sending people refund checks for payments made during relef period…
There is NO WAY people are be sending that money back….
And ?
Would they get taxed for the refunds?
What about the number of payments?
Are they reinstated?
Lot of questions coming at Republicans AND President Biden….
The Department of Education released a breakdown of federal student loan forgiveness applications by congressional district on Friday, providing a new window into the demographics of borrowers seeking relief across both Republican and Democratic-represented districts.
The new data is being released as the fate of President Joe Biden’s debt relief plan remains in limbo, with the US Supreme Court set to soon hear cases challenging its legality later this month. The initiative would offer up to $20,000 of individual debt forgiveness to millions of low- and middle-income borrowers, but ongoing legal challenges have meant that no one has received relief – including millions of borrowers whose applications have already been approved.
The White House says the plan is vital in order to provide targeted debt relief to certain federal student-loan borrowers affected by the Covid-19 pandemic. But many Republicans say that the relief will make inflation worse and argue it’s unfair to individuals who didn’t take out student loans or have already paid them off. They’ve also criticized the administration’s legal justification for issuing the relief through executive authority….
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The Department of Education received about 26 million applications for debt relief by the time a federal district court judge blocked the program in November. More than 16 million of those borrowers’ applications were fully approved and more than 40 million borrowers would qualify for the program, according to the administration.
“Across the country, in every congressional district there is a strong desire for the Biden-Harris Administration’s one-time debt relief program,” a Department of Education official said about the new data. “In every single congressional district, at least half of eligible borrowers either applied or were deemed auto-eligible for debt relief, and that was only in the one month that the application was available before the program got blocked because of lawsuits.”
In every congressional district, the official said, at least 30% of eligible borrowers were approved to have their debt discharged before the program was blocked. Some 81% of all applications for relief came from the bottom 80% of congressional districts when broken down by average income, the official added…
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The the latest release coincides with the Supreme Court planning to hear two cases pertaining to Biden’s student loan forgiveness program later this month, including one from several Republican-led states….