The Biden administration is hitting back at Republicans who are considering a legal challenge to President Joe Biden’s historic move to forgive the student debt of tens of millions of Americans. A White House spokesman, Abdullah Hassan, accused the GOP of a double standard that punishes the middle class. “Let’s be clear about what they would be trying to do here: The same people who voted for a $2 trillion tax break for the rich and had hundreds of thousands of dollars in small business loan forgiveness forgiven would be trying to keep millions of middle-class workers Americans in mountains of debt,” Hassan told CNBC. News of a possible challenge from the right to Biden’s student loan forgiveness plan, which would write off up to $20,000 for millions of borrowers, is not surprising. Even before the president made his announcement, some Republicans were trying to stop an effort to write off the debt. More from Personal Finance: Here’s how to beat inflation with Labor Day deals 50% of employers expect job cuts, survey finds Americans spend $314 a month on impulse purchases Now, GOP attorneys general from states like Arizona, Missouri and Texas, as well as Sen. Ted Cruz, R-Texas, and those associated with the conservative think tank Heritage Foundation, are considering their options to try to block the president’s plan. That’s sure to worry the tens of millions of Americans who just last week were celebrating debt relief. A protracted legal challenge would threaten to throw the debt fortunes of some 43 million people into limbo for the foreseeable future. The issue could reach the Supreme Court.

It may not be easy to establish “standing” for a lawsuit

No lawsuit has yet been filed, and in a recent interview Cruz acknowledged the challenges of bringing one. “Generally speaking, being a taxpayer is not enough for the courts to conclude that you have a right to challenge an expenditure of funds,” he said in an appearance on “The Liz Wheeler Show.” “You have to find someone who was harmed by the expenditure of funds,” Cruz said. Indeed, the first hurdle for those hoping to mount a legal challenge to Biden’s plan will be finding a suitable plaintiff, said Lawrence Tribe, a Harvard law professor. They will probably have to be someone who can argue that student loan forgiveness causes them “personal injury,” and that may not be easy. “Such injury is necessary to establish what the courts call ‘standing,’” Tribe said. “No individual or business or state is demonstrably injured as private lenders would be if, for example, their student loans were canceled.” The White House, along with its announcement, released a 25-page memo from the U.S. Department of Justice that argues the debt cancellation is “appropriate” under the Heroes Act of 2003, which gives the president broad authority to review the student loan programs. This law was passed shortly after the terrorist attacks of September 11, 2001, and allowed the executive branch to forgive student loans in national emergencies. The Trump administration declared the Covid-19 pandemic a national emergency in March 2020. Opponents trying to block forgiveness will likely argue that the HERO Act doesn’t give the president the power to forgive student debt in the general way he’s trying to do, said higher education expert Mark Kantrowitz.

The U.S. Department of Education said its loan cancellation application will be available on or before October, and Kantrowitz said borrowers should not change their plans for now. “Debtors should ask for forgiveness and be cautiously optimistic,” he said. That said, he advised that it would be wise not to make big financial changes based on the expectation of seeing student loan balances drop in the short term. “Even if a legal challenge fails to block the president’s plan, it will likely cause delays in implementing the loan cancellation,” Kantrowitz said during an appearance on CNBC’s Twitter Spaces on Friday.

title: “White House Slams Republicans Who Criticize Student Loan Forgiveness Klmat” ShowToc: true date: “2022-11-27” author: “Robert Taylor”

The Biden administration is hitting back at Republicans who are considering a legal challenge to President Joe Biden’s historic move to forgive the student debt of tens of millions of Americans. A White House spokesman, Abdullah Hassan, accused the GOP of a double standard that punishes the middle class. “Let’s be clear about what they would be trying to do here: The same people who voted for a $2 trillion tax break for the rich and had hundreds of thousands of dollars in small business loan forgiveness forgiven would be trying to keep millions of middle-class workers Americans in mountains of debt,” Hassan told CNBC. News of a possible challenge from the right to Biden’s student loan forgiveness plan, which would write off up to $20,000 for millions of borrowers, is not surprising. Even before the president made his announcement, some Republicans were trying to stop an effort to write off the debt. More from Personal Finance: Here’s how to beat inflation with Labor Day deals 50% of employers expect job cuts, survey finds Americans spend $314 a month on impulse purchases Now, GOP attorneys general from states like Arizona, Missouri and Texas, as well as Sen. Ted Cruz, R-Texas, and those associated with the conservative think tank Heritage Foundation, are considering their options to try to block the president’s plan. That’s sure to worry the tens of millions of Americans who just last week were celebrating debt relief. A protracted legal challenge would threaten to throw the debt fortunes of some 43 million people into limbo for the foreseeable future. The issue could reach the Supreme Court.

It may not be easy to establish “standing” for a lawsuit

No lawsuit has yet been filed, and in a recent interview Cruz acknowledged the challenges of bringing one. “Generally speaking, being a taxpayer is not enough for the courts to conclude that you have a right to challenge an expenditure of funds,” he said in an appearance on “The Liz Wheeler Show.” “You have to find someone who was harmed by the expenditure of funds,” Cruz said. Indeed, the first hurdle for those hoping to mount a legal challenge to Biden’s plan will be finding a suitable plaintiff, said Lawrence Tribe, a Harvard law professor. They will probably have to be someone who can argue that student loan forgiveness causes them “personal injury,” and that may not be easy. “Such injury is necessary to establish what the courts call ‘standing,’” Tribe said. “No individual or business or state is demonstrably injured as private lenders would be if, for example, their student loans were canceled.” The White House, along with its announcement, released a 25-page memo from the U.S. Department of Justice that argues the debt cancellation is “appropriate” under the Heroes Act of 2003, which gives the president broad authority to review the student loan programs. This law was passed shortly after the terrorist attacks of September 11, 2001, and allowed the executive branch to forgive student loans in national emergencies. The Trump administration declared the Covid-19 pandemic a national emergency in March 2020. Opponents trying to block forgiveness will likely argue that the HERO Act doesn’t give the president the power to forgive student debt in the general way he’s trying to do, said higher education expert Mark Kantrowitz.

The U.S. Department of Education said its loan cancellation application will be available on or before October, and Kantrowitz said borrowers should not change their plans for now. “Debtors should ask for forgiveness and be cautiously optimistic,” he said. That said, he advised that it would be wise not to make big financial changes based on the expectation of seeing student loan balances drop in the short term. “Even if a legal challenge fails to block the president’s plan, it will likely cause delays in implementing the loan cancellation,” Kantrowitz said during an appearance on CNBC’s Twitter Spaces on Friday.

title: “White House Slams Republicans Who Criticize Student Loan Forgiveness Klmat” ShowToc: true date: “2022-11-14” author: “Matthew Smith”

The Biden administration is hitting back at Republicans who are considering a legal challenge to President Joe Biden’s historic move to forgive the student debt of tens of millions of Americans. A White House spokesman, Abdullah Hassan, accused the GOP of a double standard that punishes the middle class. “Let’s be clear about what they would be trying to do here: The same people who voted for a $2 trillion tax break for the rich and had hundreds of thousands of dollars in small business loan forgiveness forgiven would be trying to keep millions of middle-class workers Americans in mountains of debt,” Hassan told CNBC. News of a possible challenge from the right to Biden’s student loan forgiveness plan, which would write off up to $20,000 for millions of borrowers, is not surprising. Even before the president made his announcement, some Republicans were trying to stop an effort to write off the debt. More from Personal Finance: Here’s how to beat inflation with Labor Day deals 50% of employers expect job cuts, survey finds Americans spend $314 a month on impulse purchases Now, GOP attorneys general from states like Arizona, Missouri and Texas, as well as Sen. Ted Cruz, R-Texas, and those associated with the conservative think tank Heritage Foundation, are considering their options to try to block the president’s plan. That’s sure to worry the tens of millions of Americans who just last week were celebrating debt relief. A protracted legal challenge would threaten to throw the debt fortunes of some 43 million people into limbo for the foreseeable future. The issue could reach the Supreme Court.

It may not be easy to establish “standing” for a lawsuit

No lawsuit has yet been filed, and in a recent interview Cruz acknowledged the challenges of bringing one. “Generally speaking, being a taxpayer is not enough for the courts to conclude that you have a right to challenge an expenditure of funds,” he said in an appearance on “The Liz Wheeler Show.” “You have to find someone who was harmed by the expenditure of funds,” Cruz said. Indeed, the first hurdle for those hoping to mount a legal challenge to Biden’s plan will be finding a suitable plaintiff, said Lawrence Tribe, a Harvard law professor. They will probably have to be someone who can argue that student loan forgiveness causes them “personal injury,” and that may not be easy. “Such injury is necessary to establish what the courts call ‘standing,’” Tribe said. “No individual or business or state is demonstrably injured as private lenders would be if, for example, their student loans were canceled.” The White House, along with its announcement, released a 25-page memo from the U.S. Department of Justice that argues the debt cancellation is “appropriate” under the Heroes Act of 2003, which gives the president broad authority to review the student loan programs. This law was passed shortly after the terrorist attacks of September 11, 2001, and allowed the executive branch to forgive student loans in national emergencies. The Trump administration declared the Covid-19 pandemic a national emergency in March 2020. Opponents trying to block forgiveness will likely argue that the HERO Act doesn’t give the president the power to forgive student debt in the general way he’s trying to do, said higher education expert Mark Kantrowitz.

The U.S. Department of Education said its loan cancellation application will be available on or before October, and Kantrowitz said borrowers should not change their plans for now. “Debtors should ask for forgiveness and be cautiously optimistic,” he said. That said, he advised that it would be wise not to make big financial changes based on the expectation of seeing student loan balances drop in the short term. “Even if a legal challenge fails to block the president’s plan, it will likely cause delays in implementing the loan cancellation,” Kantrowitz said during an appearance on CNBC’s Twitter Spaces on Friday.

title: “White House Slams Republicans Who Criticize Student Loan Forgiveness Klmat” ShowToc: true date: “2022-10-26” author: “Armando Cantwell”

The Biden administration is hitting back at Republicans who are considering a legal challenge to President Joe Biden’s historic move to forgive the student debt of tens of millions of Americans. A White House spokesman, Abdullah Hassan, accused the GOP of a double standard that punishes the middle class. “Let’s be clear about what they would be trying to do here: The same people who voted for a $2 trillion tax break for the rich and had hundreds of thousands of dollars in small business loan forgiveness forgiven would be trying to keep millions of middle-class workers Americans in mountains of debt,” Hassan told CNBC. News of a possible challenge from the right to Biden’s student loan forgiveness plan, which would write off up to $20,000 for millions of borrowers, is not surprising. Even before the president made his announcement, some Republicans were trying to stop an effort to write off the debt. More from Personal Finance: Here’s how to beat inflation with Labor Day deals 50% of employers expect job cuts, survey finds Americans spend $314 a month on impulse purchases Now, GOP attorneys general from states like Arizona, Missouri and Texas, as well as Sen. Ted Cruz, R-Texas, and those associated with the conservative think tank Heritage Foundation, are considering their options to try to block the president’s plan. That’s sure to worry the tens of millions of Americans who just last week were celebrating debt relief. A protracted legal challenge would threaten to throw the debt fortunes of some 43 million people into limbo for the foreseeable future. The issue could reach the Supreme Court.

It may not be easy to establish “standing” for a lawsuit

No lawsuit has yet been filed, and in a recent interview Cruz acknowledged the challenges of bringing one. “Generally speaking, being a taxpayer is not enough for the courts to conclude that you have a right to challenge an expenditure of funds,” he said in an appearance on “The Liz Wheeler Show.” “You have to find someone who was harmed by the expenditure of funds,” Cruz said. Indeed, the first hurdle for those hoping to mount a legal challenge to Biden’s plan will be finding a suitable plaintiff, said Lawrence Tribe, a Harvard law professor. They will probably have to be someone who can argue that student loan forgiveness causes them “personal injury,” and that may not be easy. “Such injury is necessary to establish what the courts call ‘standing,’” Tribe said. “No individual or business or state is demonstrably injured as private lenders would be if, for example, their student loans were canceled.” The White House, along with its announcement, released a 25-page memo from the U.S. Department of Justice that argues the debt cancellation is “appropriate” under the Heroes Act of 2003, which gives the president broad authority to review the student loan programs. This law was passed shortly after the terrorist attacks of September 11, 2001, and allowed the executive branch to forgive student loans in national emergencies. The Trump administration declared the Covid-19 pandemic a national emergency in March 2020. Opponents trying to block forgiveness will likely argue that the HERO Act doesn’t give the president the power to forgive student debt in the general way he’s trying to do, said higher education expert Mark Kantrowitz.

The U.S. Department of Education said its loan cancellation application will be available on or before October, and Kantrowitz said borrowers should not change their plans for now. “Debtors should ask for forgiveness and be cautiously optimistic,” he said. That said, he advised that it would be wise not to make big financial changes based on the expectation of seeing student loan balances drop in the short term. “Even if a legal challenge fails to block the president’s plan, it will likely cause delays in implementing the loan cancellation,” Kantrowitz said during an appearance on CNBC’s Twitter Spaces on Friday.