I'm not going to stop fighting to deliver borrowers what they need, particularly those at the bottom end of the economic scale."Īs part of the overall plan, the Education Department finalized a program to reduce payments that borrowers with undergraduate loans have to pay monthly to 5% of discretionary income rather than 10%, which the administration said would help them save $1,000 a year. "I believe the court's decision to strike down my student debt relief program was a mistake, was wrong. Now we’re going to start another," Biden told reporters. The ruling, which was welcomed by Republicans, threatened to dismantle part of the Democratic president's policy agenda.īiden said his administration would pursue a different way to achieve his goal. In a 6-3 decision earlier on Friday, the Supreme Court blocked Biden's plan to cancel $430 billion in student loan debt. The Education Department launched a regulatory "rulemaking" process that is likely to take months. Thwarted by the conservative-leaning court, Biden told reporters that his administration would pursue student loan relief through a different avenue, the Higher Education Act. Supreme Court for blocking a plan to cancel hundreds of billions of dollars in debt that was popular with his voters. WASHINGTON, June 30 (Reuters) - President Joe Biden on Friday announced new measures to provide student loan relief to Americans and condemned the U.S.
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