Stellar Snippets
President Joe Biden's original student loan forgiveness plan was going to help almost 40 million Americans, but the Supreme Court blocked it.
Now, the Biden administration is pursuing an alternative approach to cancel education debt.
Those who have been in repayment for decades will seemingly be prioritized.
Experts have weighed in on the plan, warning borrowers that the president's Plan B is likely to be less than expected.
Sweeping debt forgiveness comes with great legal challenges.
Mark Kantrowitz, higher education expert, said, “A much smaller number of borrowers will be eligible."
The administration's current priority is offering relief to five specific borrower groups, which include those with loan balances exceeding their original borrowing amount.
Other groups include individuals who participated in potentially questionable programs, long-term payers, eligible borrowers who haven't submitted applications, and those facing financial hardship.
Astra Taylor, co-founder of the Debt Collective, said, “Anything less than what Biden promised will be felt as a letdown, even a betrayal."