Setback for the Biden Administration’s student debt relief plan
A temporary restraining order has been issued against the Biden Administration’s student loan forgiveness plan.
The debt relief plan intended for forgive student debt for borrowers who owe more than their initial loan, those who have been repaying their loans for decades, those from institutions with a low financial value and those who qualify for student loan forgiveness but have yet to apply, according to a news report from CNBC.
A two-week restraining order was maintained by Randal Hall, a U.S. district judge, who announced that he would review both the request for a preliminary injunction against the debt relief plan from the plaintiff and the request for a dismissal from the Biden Administration.
The decision follows an early September lawsuit from seven states that branded the debt relief plan as illegal and has since stymied wide-scale student debt cancellation prior to the 2024 election in November.
The restraining order is expected to affect up to 75% of student loan borrowers.
Read more: CNBC
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