Things might get more complicated for those with student loan debt after the Biden admin's one-year grace period on repayments expired.
The latest machination would again offer to broadly wipe out student loans based on hardship, including those thought to have an “80% chance of being in default within the next two years.”‘cancel’ student loan borrowers’ debts, but have the American taxpayer pick up the tab,” Foxx wrote to DOE Secretary Miguel Cardona in a Monday letter exclusively obtained by The Post.Throughout his administration, Biden has pushed hard to use executive action to cancel student loans en masse.
“Congress has not written any enabling legislation to provide the Department the power to use artificial intelligence or a subjective application process to hear borrower stories of hardship and determine whose loans to cancel,” Foxx wrote in her letter to Cardona.The Biden administration estimated that, if finalized, the latest proposal “would authorize loan forgiveness for approximately 8 million borrowers experiencing hardship.
Foxx stressed that about 87% of Americans either never attended college or paid off their loans and would be on the hook for the forgiveness plan as taxpayers.
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