The debt forgiveness program has been temporarily blocked by lawsuits.
Kvaal said in the filing that the Covid-19 pandemic would be the main driver of increased delinquency and defaults.That outcome is “one of the harms” Biden’s student loan debt relief program was “intended to avoid” by offering one-time payments of $10,000 for borrowers making less than $125,000 annually.
The roughly 18 million borrowers who would have their entire federal student loans discharged under Biden’s plan are particularly at risk of default because they assumed their debt would be wiped away, Kvaal said, adding that the group could default more “due to the ongoing confusion about what they owe.
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