Policy Backgrounders
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Navigating the Economic Storm

Policy Backgrounders

CED’s Policy Backgrounders provide timely insights on prominent business and economic policy issues facing the nation.

Biden to Pursue Alt Student Loan Forgiveness Following Supreme Court Decision

July 06, 2023

The US Supreme Court overruled the Biden Administration’s plan to cancel roughly $430 billion in student loans, again invoking the “major questions” doctrine to invalidate an executive agency action as not explicitly authorized by Congress.

  • The program would have eliminated $10,000 in debt for most borrowers, while cancelling up to $20,000 for those receiving Pell Grants.
  • The White House has vowed to pursue alternative paths to provide relief, beginning with a new 12-month “on ramp” that will prevent reporting of delinquencies to credit bureaus and interest capitalization through September 2024.
  • Meanwhile, state-level student loan forgiveness programs have expanded in recent years as a method to lure new college-educated residents.

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