President Joe Biden delivers remarks on student loan cancellation on February 21, 2024 in Culver City, California.

Mario Tama | Getty Images news | Getty Images

A more targeted amnesty program

For critics, deja vu

For critics of sweeping student loan forgiveness, Biden’s new plan looks a lot like his first.

After Biden touted his revised aid program, Missouri Attorney General Andrew Bailey, a Republican, Written on x that the president is “shamelessly trying to eclipse the Constitution.”

“See you in court,” Bailey wrote.

Missouri was one of six Republican-led states — along with Arkansas, Iowa, Kansas, Nebraska and South Carolina — to file suit against Biden’s latest debt relief effort.

Red states argued that the president overstepped his authority, and that debt cancellation would hurt creditors’ bottom lines. Conservative justices agreed with him.

Higher education expert Mark Kantrowitz said more legal challenges are inevitable once the Biden administration formally releases its new student loan forgiveness plan.

Kantrowitz added, “The lawsuits will probably go on in a few days.

Don’t miss these exclusives from CNBC PRO.





Source link