The State of Student Loan Forgiveness: September 2024
Andrew Gillen
September 3, 2024
The Supreme Court has let the Eighth Circuit’s pause on the SAVE plan remain in place.
Reworked the student loan payment pause section, including a new estimate of how much interest was waived ($208 billion).
Mass student loan forgiveness is terrible policy (see this report for a comprehensive list of reasons), but that hasn’t stopped the Biden administration from trying to forge ahead. While the Supreme Court overturned the Biden administration’s student loan forgiveness plan, every few weeks the Biden administration announces another batch of loans that have been forgiven. In fact, the administration recently celebrated that since taking office it has succeeded in forgiving $169 billion of student loans for 4.76 million borrowers by transferring the financial burden from the students who took out the loans to taxpayers who did not.
