Emma Marsing, [email protected]
WASHINGTON, D.C. — Yesterday afternoon the U.S. Senate voted 52-46 to overturn President Joe Biden’s Student Loan Forgiveness Act, which President Biden has already vowed to veto the Senates overturn.
Due to the financial impacts of the COVID-19 Pandemic, Former President Trump paused student debt repayment which current President Joe Biden continued with and has kept since obtaining office. Extending on that plan, the Biden-Harris administration added the Student Loan Forgiveness Act. This act “will provide up to $20,000 in debt relief to Pell Grant recipients with loans held by the Department of Education and up to $10,000 in debt relief to Non-Pell Grant recipients. Borrowers are eligible for this relief if their individual income is less than $125,000 or $250,000 for households.”
At this time, the Senate vetoed the Act Thursday afternoon after it passed through the House last week. At the beginning of February, the Supreme Court began hearing arguments with their final decision needing to be made by June 30, 2023. If no decision is made by the 30th day of June, borrowers can expect repayments to begin 60 days following.