Within the next few days the Biden administration may finally have to give up on their efforts to forgive student loan debt for millions of Americans. Thanks to the Supreme Court, the student loan debt plan will (hopefully) be put to rest, and we can all let out a sigh of relief because we won't be indebted to millions of college students getting less-than-desirable degrees.
Even though the student debt relief plan has been shot down multiple times in federal courts, the Biden administration is giving it one last Hail Mary shot to get the Supreme Court to allow their relief program to go into effect. The only problem with their plan is that they're relying on faulty legislation to ram through debt relief and further bankrupt our country.
The administration is relying on the HEROES Act, a 9/11-era law designed to let the federal government to provide debt relief to veterans who were forced to withdraw from college to serve in the Middle East. If there's any group of Americans who deserve to have debt relief, it's the people who put their lives on hold to serve their country in a time of need. Do we really want to cheapen their service to their country by forgiving student loan debt for every American, regardless of whether or not they served in the armed forces?
President Biden is hoping that, because he called the Covid-19 response an emergency and people had to put their lives on hold, he will be successful in fulfilling his promise to award at least $10,000 in debt relief to every American college student.
This reasoning is on shaky ground at best, and is a direct insult to every patriotic American who served their country in the wake of 9/11. The simple fact is that the HEROES Act was designed to insentivize Americans to join the military when we were invading Iraq and Afghanistan, and not as a legal means to achieve the end of student debt.
Perhaps Reason Magazine's Peter Suderman put it best when he said, “if the [Covid] pandemic is over, then there is no ongoing national emergency, which means that the already shaky legal ground on which the Biden administration based its action has now collapsed entirely.”
If you would like to read more about the ongoing legal battle surrounding student debt relief, please read this well-researched article from Reason. An excerpt of the article is included below:
Next week, the Supreme Court is set to begin hearing arguments in two cases that could decide the fate of President Joe Biden's plan to forgive a half-trillion dollars in federal student loans. While his plan has already been defeated in federal court several times, sympathetic media stories have insisted that Biden's plan is perfectly legal—and credulously repeated the administration's claim about the 2003 legislation used to justify the plan.
In August, Biden announced that the government would be forgiving $10,000 in federal student loans for borrowers earning under $125,000 annually and couples making less than $250,000. For Pell Grant recipients, the maximum forgiveness amount would rise to $20,000. Biden also announced substantial changes to already-existing loan forgiveness programs. In all, the Committee for a Responsible Federal Budget estimated that the program could cost taxpayers between $500 and $650 billion.