Biden extends the suspension of student loan payments
Conservative Republicans openly criticized President Joe Biden on this issue.
President Biden has announced that he will extend the suspension of current student loan payments by the court, on federally administered loans till August 2023.
The suspension, which has been in effect since March 2020 and is scheduled to end next month, has also brought interest rates on government-held federal student loans to zero and suspended all collection efforts for defaulting borrowers.
Biden has decided to extend the suspension again after a federal court blocked his one-time student debt cancellation initiative to cancel more than $10,000 of federal debt in student loans for tens of millions of borrowers.
Biden has not laid out a backup plan in case the court doesn’t allow the debt relief to reach the borrower. With each update, the administration reiterates its commitment to “fight for the borrowers” and expresses its stance that its actions are lawful.
Conservative Republicans openly criticized President Joe Biden’s plan to forgive up to $20,000 in student loans for some borrowers.
But as you might imagine, the Conservative Republicans party, which has struggled to get votes from youngsters, is having trouble in conveying its message to oppose the white house decision in a way that appeals to young Americans. These young Americans have been saddled with financially crippling student loans.
The Republican response to this was rather weak, relying on America’s credibility and conspicuous stupidity. Conservative officials have tried many times to block Biden’s student-loan plans, also several Republican lawmakers have disgraced the debt-ridden students as lazy scammers and criticized the plan as a bribe to young people.
Now, all await a Supreme Court ruling as six states have asked the US Supreme Court to dismiss President Joe Biden’s offer to reinstate billions of dollars in student debt relief. which they consider being beyond the authority of his administration.