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President Joe Biden believes he has found a loophole in the Supreme Court ruling that found his student loan forgiveness plan unconstitutional.
The Education Department announced this morning that the Biden administration will cancel $39 billion in student debt for more than 800,000 borrowers.
In a 6-3 decision, SCOTUS ruled that the secretary of education could not cancel more than $430 billion in student loan debt. It seems the Biden administration plans to release smaller amounts over a longer period of time to circumvent this ruling.
The announcement said the student loans will be automatically discharged in the coming weeks. Borrowers will be eligible if they have paid either 20 to 25 years of monthly income-driven repayment bills.
But Republican Rep. Dan Meuser says, ultimately, Americans will be footing the bill.