The Biden administration plans to ask the Supreme Court to reinstate the president's student debt cancellation plan, according to a legal filing.
debt cancellation plan, according to a Thursday legal filing warning that Americans will face financial strain if the plan remains stalled in court when loan payments are scheduled to restart in January.
It builds on arguments the administration made in other filings this week, warning that many Americans won't be able to pay their student debt bills in January if the cancellation plan remains halted. It stemmed from a lawsuit brought by two borrowers who are not eligible for relief under the parameters of Biden’s plan. The program was separately halted by a St. Louis court after six Republican-led states said it would harm financial institutions.
The biggest risk is for 18 million borrowers who were told their entire loan balance would be canceled. Even if payments restart, those borrowers might think they’re in the clear and ignore the bills, the Education Department has warned. The freeze already has cost the federal government more than $100 billion in revenue, according to a July report by the Government Accountability Office. Critics caution that another extension could worsen inflation and increase the risk of economic recession.
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