The week began with the expiration of the grace period in place for late or missed student loan payments. A few days later, unexpected student loan news broke: The temporary restraining order that placed a pause on President Joe Biden’s new student loan forgiveness regulation was ended by a federal judge Thursday, clearing the path for its implementation. One estimate, from the Center for American Progress, found the plan stands to benefit “as many as three in every four federal student loan holders, when combined with the administration’s previous efforts,” reported CNBC.
According to the Washington Post, a legal challenge brought by seven Republican-led states (Alabama, Arkansas, Florida, Georgia, Missouri, North Dakota and Ohio) argued that with the proposal, which the Biden administration says could benefit over 30 million borrowers, “the administration is exceeding its authority and illegally preparing to forgive loans…