Biden cancels $9B in student debt for 125,000 borrowers

Why? I didn't get any of that $700 billion TARP money from the 2008 bank bailout either.

Did you get the same amount of money as all the companies with forgiven PPP loans?

The law very clearly allows the executive branch to forgive student loan debt for a variety of reasons, and has since the 1960s. In 2001, the Republican Congress (along with the Republican president) expanded the circumstances in which student loan debt could be forgiven.

All administrations have used this authority to some degree or another. Earlier this year the Supreme Court ruled that the current administration’s attempt went way, way too far in mass-cancelling debt. It did not say that it couldn’t forgive debt, or even mass-cancel debt. Just not that much, all at once.

This attempt will surely be challenged. But it may be narrowly-targeted enough for the Supreme Court to say it is ok. Who knows!