President Joe Biden reacted swiftly to the U.S. Supreme Court’s decision to invalidate his plan to forgive many student loans by announcing new measures to provide relief to borrowers.
Biden made a televised statement on June 30, within hours of the court decision, promising to provide debt relief for some borrowers and a temporary measure to ease the transition back to loan repayment after a pause of over three years.
Biden had unveiled the original loan-forgiveness plan in August 2022. At the time, some critics charged that the move was intended to boost the chances of Democratic candidates in the midterm election. Others denounced it as unfair to Americans who had repaid their college loans and as an illegal usurpation of congressional authority….