The Biden administration's student loan relief program has faced numerous legal challenges in recent days, some of which led the Dept. of Education to pull the relief application offline after millions had already signed up. Where things stand 👇
that borrowers whose federal loans are privately owned are not eligible for relief. Initially, the administration said that borrowers with privately owned loans could receive up to $10,000 or $20,000 of relief, per Politico.
The administration also updated its guidance to specifically say that borrowers could opt out of automatic relief. "If you would like to opt out of debt relief for any reason—including because you are concerned about a state tax liability—you will be given an opportunity to opt out," the department said.estimatesCBO also estimated that the administration's plan to pause loan repayments through December would cost roughly $20 billion.
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