Senate overturns Biden's student loan program amidst debt ceiling debate.

Student loan borrower advocates are urging President Biden to veto a bill that would reverse months of forbearance and potentially cancel debt forgiveness that some borrowers have already received. The bill, which passed the Senate this week, would repeal Biden’s most recent extension of the student loan payment pause and prevent the implementation of his up to $20,000 cancellation of student debt. Advocates worry that if the bill is not vetoed, 40 million student loan borrowers could face backpay for those paused payments and have new interest charges added to their debt. They also fear that debt cancellation borrowers recently received would be reversed.