A 'financial disaster for millions of Americans' could arise if the Supreme Court strikes down Biden's student-loan forgiveness, Elizabeth Warren details in a new report
from the Education Department has found that 81% of all applications for debt relief before the online form closed in November came from the bottom 80% of congressional districts based on average income, and the bottom 80% of those districts have more borrowers eligible for relief than the top 20%.
A member of the United Automobile, Aerospace and Agricultural Implement Workers of America told Warren in the report that if the Supreme Court strikes down the debt relief, it"would mean that the possibility of my future as a homeowner or retire evaporate and I'm going to continue the cycle of working until I die as a renter living paycheck to paycheck.
Still, Republican lawmakers have been adamant that canceling student debt broadly is unfair to those who already paid off their loans or did not borrow for college. GOP lawmakers also contend that the relief would benefit the highest earners.
But Warren's report suggests that many Americans want this relief, and financial consequences could be severe without it.Failing to implement debt relief would put a strain on younger and older borrowers alike. A member of the Debt Collective said in the report,"I'm putting all of my hope into this process finally getting approval. I haven't allowed myself to imagine another scenario because I may not continue even trying to exist everyday if that happens.
Another 64-year-old member said that"the thought of having the loan payments starting again in general and without cancellation terrifies me. It means I might have to take a second job or use my 401K retirement money to pay for the loans. I [cannot] plan for retirement."60 days after June 30, or 60 days after the cases are resolved, whichever happens first, meaning payments could still resume if the Supreme Court strikes down student-debt relief.
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