President Joe Biden rounded out the week making speeches and attending last-minute rallies aimed at bolstering congressional Democrats’ campaigns, and used remarks to home in on his student loan debt cancellation program, which is currently being halted by a Republican-led legal challenge. If not for a court injunction, roughly 16 million borrowers should have seen their loan cancellation applications approved in the coming days, according to the White House.
The remarks came shortly before a rally in New Mexico where the president said that close to 26 million Americans have submitted applications for student debt cancellation.
Biden said that borrowers should have been able to see the relief reflected in their accounts in the coming days, but the actual cancellation is on hold due to an injunction recently issued by a federal judge. The request to halt the program came from a group of Republican-led states who argued the loan forgiveness would cause them financial harm due to lost tax revenue.
Last month, I launched the application for our Administration’s student debt relief.— President Biden (@POTUS) November 3, 2022
Close to 26 million Americans have already given us the information to be considered for this life-changing relief.
And, as of this week, @usedgov will have approved 16 million applications.
In the speech, Biden said that borrowers would likely hear from ED by the end of the week and that the department will begin sending approved applications to student loan servicers with the “necessary paperwork” to carry out the cancellation — even though servicers will not be able to implement the relief until there is some clarity on the legal challenges to the president’s executive action.
Stay tuned to Today’s News for more information on the implementation of student loan debt relief.
Publication Date: 11/4/2022