The form to apply for President Joe Biden's one-time student loan debt forgiveness is now online. The beta test that launched Friday attracted 8 million applicants.
First came lawsuits. Instantly, fewer could apply for loan forgiveness
to opt out of the debt relief plan. A federal judge in Indiana dismissed the group’s request to halt the forgiveness plan, saying the plaintiff couldn't be injured if his debt wasn't being forgiven.Six conservatives states – Arkansas, Iowa, Kansas, Missouri, Nebraska and South Carolina, filed a suit together, arguing Biden had overstepped his authority.
The federal government has said the new policy will cut nearly 800,000 borrowers from the debt forgivenessEducation Secretary Miguel Cardona said Monday the administration is"working on pathways" to support private borrowers. It depends on whom you ask. The federal government has estimated the plan would cost about $30 billion a year for the next 10 years, or $300 billion over the next decade. The Congressional Budget Officeat about $400 billion over the next 30 years, though it added in a report that such measurements are “highly uncertain.” That model is based on 90% of eligible applicants filling out their forms, a high adoption rate that has raised some skepticism from the White House.
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