This podcast episode explores the evolution of President Biden's student debt forgiveness plan, starting with the initial attempt using the HEROES Act, which was struck down by the Supreme Court. The Biden administration has now shifted its approach to using the Higher Education Act as the legal authority for the program. The new program aims to provide relief to borrowers with ballooning loan balances, cancel debt for long-term borrowers, and reduce loans for those in financial hardship. However, opponents argue that the program ignores the Supreme Court's decision and plan to file lawsuits to overturn it. The timeline for implementation is tight, with the goal of reducing or eliminating loans before the November election. The podcast also discusses the concerns of young voters, who see student loan debt as a major issue affecting their financial future. Additionally, experts warn that if the program faces a legal roadblock, it would be a setback for widespread student debt forgiveness efforts.
