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Decade. and it means it s going to be an era of the supreme court really being run by the american political right. friends, thank you very much. really great to get all of your perspectives this evening. i want to turn now to former secretary of education arne duncan. secretary duncan, thanks so much for being here. as you just heard us talking, president biden today explained he has a new plan to help students who now feel left in the lurch. here s what he said about that. we re creating a temporary 12-month, what we re calling on-ramp repayment program. now, this is not the same as the student loan pause. if you miss payments, this on-ramp will temporarily remove the threat of default or having your credit harmed. help us understand how this will work. well, it s not easy, and president biden is a fighter. he ll leave no stone unturned. he ll look at his authority under the higher education act. ....
Consistent with today s will into provide debt relief to as many borrowers as possible as quickly as possible. we will ground this new approach differently than my original plan. the so-called higher education act. that will allow the secretary who is with me today to compromise, waive or release loans under certain circumstances. will: new student loan alternatives after the supreme court struck down his forgiveness plan that would have cost taxpayers more than $400 billion. new steps include an on-ramp to repayment as well as loan forgiveness for certain borrowers after ten years had a cap on monthly payments which are to react, dan racotto. we will talk about the constitution nationality or unconstitutionality of what he plans to do now. what i would love to address with you, these student loan ....
reporter: yeah, victor. yesterday president biden was very clear that he thought the supreme court misinterpreted the constitution when they struck down his signature student debt forgiveness plan. frankly, he believes that they got it wrong. he said that while they closed down one path with friday s decision he is going to go for a new path. now, that null pew path is grou in the higher education act of 1965 that they believe provides the president with authority to seek mass student dent forgiveness but they said it will take months to get off the ground to start to do that. they also really kind of declined to say whether or not it would affect the 40 million people that were estimated to be impacted by the now struck-down law. president biden said in between the time that it takes to get that off the ground he s going to do two things. first of all when it comes to repayments he will focus on income-based repayments, but also provide a 12-month on-ramp ....
Under the biden administration s plan, 43 million american borrowers would have been eligible for student loan forgiveness. 26 million had already applied. they each would have had up to 20 thousand dollars worth of loans forgiven. the plan would cost over 400 billion dollars. the court ruled that the president doesn t have the authority to simply sign off on such funds. later in the day, biden announced new actions to provide debt relief, including a 12 month on ramp payment plan. which runs from october 2023 to the end of september 2024. the white house says the plan will protect the most vulnerable borrowers from the worst consequences of missed payments. borrowers who miss monthly payments during this period will not be considered delinquent, reported to credit bureaus, placed in default, or referred to debt collection agencies for 12 months. biden condemned the court s ruling, saying it mis interpreted the constitution . here s more of what he had to say. ....
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