President Joe Biden’s plan to provide up to $20,000 in federal student loan forgiveness has been blocked by two federal courts. So what happens now?
While the application for relief has been taken down from the Federal Student Aid website, applications that have already been filed are on hold while the appeal works its way through the courts.
FILE - US President Joe Biden delivers remarks regarding student loan debt forgiveness in the Roosevelt Room of the White House on Aug. 24, 2022. Education Secretary Miguel Cardona joined. (Photo by Demetrius Freeman/The Washington Post via Getty ImaMost people with student loan debt have not been required to make payments during the coronavirus pandemic, but payments are set to resume, along with the accrual of interest, in January.
The Education Department will "quickly process their relief once we prevail in court," White House Press Secretary Karine Jean-Pierre said.For those who have not yet applied, the application for debt cancellation is no longer online. But there are still, should the appeal be successful, according to Welbeck.
of regular payments, and some income-driven repayment plans cancel the remainder of a borrower's debt after 20 to 25 years, according to Welbeck.The Public Service Loan Forgiveness program began in 2007 as a reward for college students who go into public service but has been criticized for its complex requirements in the past.
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