President Joe Biden announced a workaround plan for student debt relief after the Supreme Court ruled against the student loan forgiveness program Friday morning.
“The notice announces a virtual public hearing on July 18th and solicits written comments from stakeholders on topics to consider,” the White House said.
The Department of Education also completed a new income-driven student loan repayment plan called the Saving on a Valuable Education plan. Borrowers can enroll in the plan later this summer, while those with the Revised Pay as You Earn plan will be automatically enrolled. Specifically, Biden highlighted the Department of Education’s 12-month “on-ramp” repayment program. The program would keep the most vulnerable of borrowers, who miss their monthly payments, from being reported to creditors, going into default or referred to debt-collection agencies.
Instead, his “on-ramp” plan will help prevent borrowers, who miss their payments within the first year after repayment of federal loans resumes, from facing negative consequences. It will run from October 1, 2023 through September 30, 2024.
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