The Biden administration plans to ask the Supreme Court to reinstate the president’s student debt cancellation plan, according to a legal filing.
Light illuminates part of the Supreme Court building on Capitol Hill in Washington, Wednesday, Nov. 16, 2022. The Biden administration plans to ask the Supreme Court to reinstate the president's student debt cancellation plan, according to a Thursday legal filing warning that Americans will face financial strain if the plan remains stalled in court when loan payments are scheduled to restart in January.
For typical borrowers, monthly payments would be $200 to $300 higher than they would be if Biden’s plan goes through, the Education Department said. The strain could lead to soaring default rates, which have increased by an average of twentyfold in the wake of other natural disasters. It stemmed from a lawsuit brought by two borrowers who are not eligible for relief under the parameters of Biden’s plan. The program was separately halted by a St. Louis court after six Republican-led states said it would harm financial institutions.
Advocates and some Democrats in Congress are pressuring Biden to extend the payment pause until all legal challenges are resolved, despite his previous assurance that the freeze would end after Dec. 31.
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