Biden's student loan forgiveness plan halted but there is hope

Biden's student loan forgiveness plan halted but there is hope. President Biden believes that despite ongoing legal challenges, borrowers will begin to receive student loan forgiveness under his signature one-time cancellation initiative within two weeks Federal Court Temporarily Blocked Student Loan Forgiveness Under Biden’s one-time student loan forgiveness plan, up to 40 million borrowers with government-held federal student loans will be eligible for up to $20,000 in student loan cancellation. Qualifying single and married-filing-separately borrowers must have earned under $125,000 in either 2020 or 2021, or $250,000 if married-filing-jointly. Borrowers who never received a Pell Grant can receive $10,000 in student loan forgiveness. But a series of legal challenges has threatened the initiative. Several lawsuits brought by Republican state leaders and conservative legal organizations were dismissed in recent weeks. But a coalition of Republican-led states appealed a dismissal to the 8th Circuit Court of Appeals, which temporarily halted the student loan forgiveness program last Friday while it considers legal arguments. The court could issue a ruling any day on whether to allow the administration to proceed with the initiative. https://www.forbes.com/sites/adamminsky/2022/10/28/biden-believes-student-loan-forgiveness-will-begin-in-two-weeks/?sh=31390a692a9c