Biden to defy Supreme Court in second attempt at sweeping student loan handout
Breck Dumas
April 5, 2024
The Biden administration is reportedly scrambling to push through widespread loan forgiveness ahead of the election
The Biden administration is reportedly preparing to take a second crack at broad student loan forgiveness for millions of Americans after the Supreme Court struck down its first attempt.
Citing people familiar, The Wall Street Journal reported Friday that the administration will roll out proposed regulations offering sweeping bailouts as early as next week, and “the president’s advisers hope to use the rules to begin canceling waves of student debt in the run-up to the November election.”
The White House did not immediately respond to FOX Business’ request for comment on the report.
President Biden’s initial student loan handout plan, which would have provided up to $20,000 in debt relief to borrowers who make less than $125,000, was rejected last year by the Supreme Court, which found the administration did not have the authority to cancel the debt. That program was expected to cost the government more than $400 billion.
