Well pay it then, you're rich.
Here's the basics of it without copying and pasting the whole article:
“I’m not going to stop fighting to deliver borrowers what they need,” the president said at the White House on Friday hours after the Supreme Court overturned his plan to forgive up to $20,000 in student loan debt for Americans making under $125,000 a year.
He said he had directed his team to launch a new program to cancel student debt using a different legal authority, the Higher Education Act of 1965.
The Higher Education Act, progressive groups and some legal scholars say, gives the secretary of education broad authority to “compromise, waive or release” debt. Some legal scholars contend that Biden should have relied on the law in the first place because it stood a greater chance of passing muster at the high court.
The president’s efforts to revive sweeping debt cancellation will keep the issue alive heading into the 2024 campaign season. But the new plan may not be implemented before next year’s election, some legal scholars said. Debt forgiveness is popular among young voters, who turned out in large numbers in the recent midterm elections.
Initially, the Biden administration decided to use the Heroes Act to underpin the loan-forgiveness program the president unveiled last year. Biden’s aides said they took that route because it allowed the administration to move quickly. The Supreme Court on Friday ruled that the Heroes Act, which permits the education secretary to modify student-aid programs to respond to emergencies, doesn’t permit him “to rewrite that statute from the ground up.”
Senior Biden administration officials, led by White House chief of staff Jeff Zients, have been weighing legal options for weeks in an effort to prepare for the possibility that the Supreme Court would overturn the program. The officials met with outside groups and worked through policy proposals with lawyers from the White House, Education Department and the Justice Department, White House officials said.
“This new path is legally sound. It’s going to take longer, but in my view it’s the best path that remains to providing as many borrowers as possible with debt relief,” Biden said.
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