Frustration Mounts as Biden’s Second Attempt at Student Loan Forgiveness Falls Short

As the implementation of President Biden’s Plan B for student-loan forgiveness unfolded, disappointment and uncertainty began to overshadow the initial hopes of a second chance at relief for countless borrowers. Before the dust settled on the failed first attempt at large-scale student-loan forgiveness, Biden announced that a new plan for relief was in the works within the framework of the Higher Education Act, a 1965 law giving the education secretary “sweeping authority” when it comes to student debt. What remains uncertain is the precise number of eligible borrowers for this program and the extent of the relief they might potentially obtain—and to further the uncertainty the rule-making procedure entails months of conducting hearings, gathering public feedback, and considering input from diverse stakeholders. And all of that could be quashed by a new president if not implemented before the 2024 elections, or once more overturned by a Supreme Court that is unlikely to favorably embrace a program for student-loan forgiveness. But then came some mid-November news from The New York Times: "How Millions of Borrowers Got $127 Billion in Student Loans Canceled."