$39 billion in student loan debt wiped out in the US

The US Department of Education reported that the student loan debt of 804,000 people, all worth $39 billion, will be automatically discharged.

“The Biden-(Kamala) Harris administration has approved more than $116.6 billion in student loan forgiveness for more than 3.4 million total borrowers,” the statement said. statement was included.

The administration’s move comes two weeks after the Constitutional Court ruled that Biden’s $430 billion amnesty last year to cancel or reduce student debt was unconstitutional.

The court overturned the government’s amnesty decision, which affects 43 million people, by a vote of 3-6.

Biden said he believed the decision was wrong, saying the Court “misinterpreted the constitution.”

STUDENT LOAN AND AF

On August 24, 2022, the President of the United States, Biden, announced that student loan payments were postponed for the last time until December 31, and that people with an annual income of less than $125,000 would apply an amnesty of up to $20,000 in your debts.

However, Biden’s student loan amnesty program was blocked by the Texas Federal District Court on November 11, 2022.

Texas Federal District Judge Mark Pittman ruled that Biden’s amnesty, amounting to $20,000 per person, for those with student loan debt, was “an unconstitutional use of Congress’s legislative power.”

The Biden administration argued that it had that right under the Amnesty Center for Higher Education Act, passed by Congress in 2003, and the red states took the case to the Supreme Court. (AA)