"Biden's Student Loan Debt Relief Plan Faces Setbacks and Controversy"

After the Supreme Court rejected President Biden's student loan debt cancellation plan, he has initiated a new plan to cancel borrowers' debt through the negotiated rulemaking process outlined in the Higher Education Act of 1965. The process involves representatives for students, higher education institutions, and other stakeholders negotiating a proposed rule with the Education Department. The White House has also introduced a new repayment plan and a yearlong "on-ramp" to prevent default for borrowers who miss payments. The COVID-19-era pause on federal student loan debt repayment is set to end in September, with payments resuming in October. While the new plan may face legal challenges, Biden is determined to pursue student debt relief.