Will student loans get canceled?

The Biden administration's initial plan to forgive student loans was blocked by the Supreme Court, which ruled it lacked authority under the Heroes Act. In response, Biden proposed a new plan using the Higher Education Act, which requires a lengthy regulatory process. Legal experts anticipate further challenges, but the administration aims to provide relief to as many borrowers as possible. The outcome remains uncertain as the October deadline for payment resumption approaches.

What was the main reason the Supreme Court ruled against the Biden administration's initial student loan forgiveness plan?

• It lacked proper legal authority under the Heroes Act.

• It only benefited a small group of people.

• It was not popular among the public.

• It was too costly.

Which law is the Biden administration using for its second attempt at student loan cancellation?

• The Affordable Care Act

• The CARES Act

• The Higher Education Act

• The Heroes Act

What is a significant factor that could delay the implementation of the new student loan forgiveness plan?

• The regulatory process required by the Higher Education Act

• Technical issues with the application process

• Lack of funding

• Public opposition

Why might the new student loan forgiveness plan differ from the previous one?

• To include more people

• To address legal issues raised in court

• To increase the amount of forgiveness

• To reduce the overall cost

What is a major concern for borrowers as the new plan is being developed?

• The October deadline for payment resumption

• The availability of new loans

• The impact on credit scores

• The interest rates on loans