Recently, President Biden’s ambitious student loan forgiveness program has faced yet another setback that could leave millions of borrowers hangin’ on by a thread. A federal judge has stepped in and extended a temporary restraining order on this plan, a move that leaves over 30 million borrowers in limbo. You read that right—over 30 million people eagerly waiting for a financial lifeline are still in a waiting room with no end in sight.
This latest ruling comes on the heels of more than $168 billion already proposed in relief. Apparently, the Biden administration has been pushing to help around 4.7 million borrowers since the Supreme Court initially put the brakes on Biden’s grand plan to cancel a whopping $400 billion in student debt. You might be thinking, “Isn’t the Supreme Court the last stop for legal battles?” Surprisingly, that’s not exactly how it’s playing out in this case. Instead of taking a hint from the highest court, the Biden team is digging deeper, searching for tiny loopholes to roll out smaller programs that would still provide relief, albeit with a much lower price tag.
Legal experts, including some bright minds from law schools, have pointed out that the Supreme Court made it pretty clear about a year ago that blanket cancellation of student debt is a big no-no. In fact, most judges in lower courts are following that precedent, halting these new student loan modification attempts as they wait for the Supreme Court to weigh in again. The question on everyone’s mind is, why does the administration keep pushing this agenda when the courts consistently say no? Some speculate that the current leaders might not fully respect the rulings from the Supreme Court, which is a concerning thought.
As for what happens next, many predict that these cases will eventually head back to the Supreme Court, especially with the impending elections looming large. There’s a sense in the air that if a certain former president makes a comeback, he might just want to pack up these so-called “illegal efforts” and take the issue straight to Congress. After all, Congress is meant to ensure taxpayer dollars are spent wisely—not a lone executive making decisions from the Oval Office.
Meanwhile, some critics have taken to calling the current loan forgiveness plans nothing short of a vote-buying scheme, banking on taxpayer dollars to gain favor among college-educated voters come election time. This might sound a bit dramatic, but there’s a kernel of truth lurking here. The notion that helping a group (often the more affluent, despite the educational debt they carry) at the expense of others raises eyebrows. People who didn’t go to college or chose a different career path are being asked to shoulder the financial burden of this so-called forgiveness. It begs the question: where’s the fairness in that? Voters could feel like they’re watching a high-stakes game of Monopoly unfold, with the player in charge making questionable moves that only benefit the wealthier ones.
In short, the ongoing saga of Biden’s student loan forgiveness looks set to continue, filled with court battles, electoral implications, and a lot of curious onlookers wondering how it all might end. With election season heating up, everyone will wonder if Congress might finally step in to settle this issue, ensuring that the power to manage financial decisions rests where it rightfully belongs— in the hands of the legislative branch, not the executive.
