About 40 million people in America carry student loan debt. That adds up to nearly $1.8 trillion.
Earlier this year, President Biden announced plans to wipe away that debt for qualifying borrowers. He is using powers afforded to the president through the HEROES Act, which was put in place in the wake of 9/11 to forgive student debt for those affiliated with the military or working during national emergencies.
Biden’s plan hit a roadblock, though, after a federal appeals court judge in Texas sided with a coalition of Republican-led states who claim it is a federal overreach by the president. Since then, the Biden administration has sent emails to approved borrowers letting them know relief would be on its way, but it is tied up in court. In the meantime, the student loan repayment pause has been extended through the middle of next year.
On the next Charlotte Talks, Mike Collins and our panel of guests break down the economics of Biden’s plan, what’s next for the litigation, and whether this really solves the student debt problem in America.
GUESTS:
Adam S. Minsky, lawyer focusing on student loan law and a senior contributor at Forbes
John Fritze, Supreme Court correspondent at USA Today
Daneille Douglas-Gabriel, national higher education reporter at the Washington Post
