(ConservativeFreePress.com) – President Joe Biden is trying to clear $127 billion in student loan debt despite a previous ruling by the United States Supreme Court that found that he was not authorized to proceed with deleting debt without the approval of Congress.
The Wall Street Journal in a recent report noted that Biden was working on a number of rules and tools for the executive branch that would allow them to clear $127 billion in student loans for over three million students.
Trump had been initially planning to cancel $430 billion in student loans by canceling up to $20,000 in student loan debt for around 40 million Americans through the “Heroes Act.” However, in June the U.S. Supreme Court determined in a 6-3 decision that Congress had the authority to cancel federal debt and not the president. In the majority opinion, they noted that the HEROES Act did not have the necessary authorization and that based on the facts the debt cancellation program did not reflect the tradeoffs that Congress would have made.
Despite that setback, the Biden administration is still looking to cancel $127 billion in debt which would represent only 30 percent of the plan that Biden had originally proposed when he took office in 2021.
The report points out that 40 million student borrowers across the nation have a collective total debt of $1.6 trillion. It further determined that around $34 billion have already been canceled by those borrowers who have claimed that the schools had defrauded them or those who have had court settlements that were backlogged. Over 500,000 with a permanent disability have also benefited from student loan cancellation.
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