Biden Student Loan Forgiveness Plan Strikes Down Federal Court

Created By: StateWeb

Nov. 11, 2022

On Thursday a federal judge in Texas declared President Joe Biden's student loan forgiveness plan illegal and vacated the program.

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Federal Court, his plan to provide relief to millions of borrowers has given a major setback.

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Federal Court, his plan to provide relief to millions of borrowers has given a major setback.

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Biden's plan would allow up to 40 million borrowers to receive $10,000 or more in student loan forgiveness

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If their earnings fall within the program's income guidelines in 2020 or 2021.

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If their earnings fall within the program's income guidelines in 2020 or 2021.

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The loan forgiveness plan will cancel $10,000 in student loan debt for families earning less than $125,000 or families with incomes less than $250,000.

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Pell Grant recipients, who typically demonstrate more financial need, will receive an additional $10,000 in loan forgiveness.

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