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Killexams : Symantec Administration student - BingNews https://killexams.com/pass4sure/exam-detail/250-511 Search results Killexams : Symantec Administration student - BingNews https://killexams.com/pass4sure/exam-detail/250-511 https://killexams.com/exam_list/Symantec Killexams : Biden administration estimates student loan plan will cost $379B

President Biden’s student loan forgiveness plan is expected to cost the federal government $379 billion, according to a new estimate from the U.S. Department of Education released on Thursday.

Over the next decade, the one-time debt cancellation of up to $20,000 is estimated to cost about $30 billion a year, the Department of Education found. However, the Department noted that its estimate is based on “highly uncertain assumptions about future economic conditions and participation rates.”

The Department of Education’s estimate is not substantially far off from that of the Congressional Budget Office (CBO) released on Monday. The CBO report put the total cost at around $400 billion.

The White House — which offered its own estimate of $240 billion in late August — pushed back on the CBO’s report on Monday, noting that the CBO itself said its estimate was highly uncertain.

The CBO based its report on the assumption that 90 percent of borrowers would take advantage of the program, while the Department of Education assumed slightly fewer — 81 percent — would seek debt relief. However, the White House has emphasized that participation rates may not be quite so high, with less than half of eligible borrowers making use of previous debt relief programs.

Biden’s student loan cancellation program — which would cancel up to $10,000 for most borrowers and up to $20,000 for Pell grant recipients who make under $125,000 a year — has faced major pushback from Republicans since it was first announced in August.

Six GOP-led states filed suits on Thursday, claiming Biden does not have the authority to cancel student loan debt without permission from Congress. 

The first group to challenge the Biden policy, the Pacific Legal Foundation, saw its lawsuit denied by a federal judge on Thursday. The judge denied the lawsuit after the Department of Education updated its website to clarify that no one would be forced to take part in the program. 

The department also updated its website on Thursday to exclude private borrowers from participating in the debt relief program, in an abrupt shift that would impact an estimated 4 million borrowers with privately held loans.

Thu, 29 Sep 2022 14:46:00 -0500 en-US text/html https://thehill.com/homenews/administration/3668094-biden-administration-estimates-student-loan-plan-will-cost-379b/
Killexams : Biden administration scales back student debt relief for millions amid legal concerns

The Biden administration is scaling back its debt relief program for millions of Americans over concerns about legal challenges from the student loan industry as well as a new lawsuit from Republican-led states.

In a reversal, the Education Department said on Thursday it would no longer allow borrowers who have federal student loans that are owned by private entities to qualify for the relief program. The administration had previously said those borrowers would have a path to receive up to $10,000 or $20,000 of loan forgiveness.

The policy change comes as the Biden administration this week faces its first major legal challenges to the loan forgiveness program, which Republicans have railed against as an illegal use of executive power that is too costly for taxpayers.

On Thursday, a group of six GOP attorneys general sued to block loan forgiveness. The states of Arkansas, Iowa, Kansas, Missouri, Nebraska, and South Carolina asked a federal judge to strike down the debt cancellation program, arguing that it’s illegal and unconstitutional.

The student loans that are guaranteed by the federal government but held by private entities account for a relatively small, and shrinking, subset of all outstanding federal student debt. They comprise just several million of the roughly 45 million Americans with federal student loans.

But there are significant business interests that depend on the federally guaranteed loan program — a wide range of private lenders, banks, guaranty agencies, loan servicers and investors. That industry is widely seen, both inside and outside the administration, as presenting the greatest legal risk to the debt relief program.


Many of those companies face economic losses when they lose borrowers who convert their federally guaranteed loans into new loans that are made directly by the Education Department through a process known as consolidation.

Administration officials said when they announced the debt relief program in August that borrowers with federally guaranteed loans should consolidate their loans in order to receive loan forgiveness.

The Education Department said Thursday that borrowers who already took those steps to receive loan forgiveness would still receive it. The agency said it would still provide debt relief to borrowers “who have applied to consolidate into the Direct Loan program prior to Sept. 29, 2022.” But the department said that path is no longer available to borrowers after the new guidance.

“Our goal is to provide relief to as many eligible borrowers as quickly and easily as possible, and this will allow us to achieve that goal while we continue to explore additional legally available options to provide relief to borrowers with privately owned FFEL loans and Perkins loans, including whether FFEL borrowers could receive one-time debt relief without needing to consolidate,” an Education Department spokesperson said in a statement.

The privately held federal student loans featured prominently in the new lawsuit filed by GOP attorneys general on Thursday.

The lawsuit, filed in federal court in Missouri, is based, in part, on the theory that the states are harmed directly by the Biden administration taking steps to forgive federal student loans held by private entities.

For example, in the lawsuit, Missouri Attorney General Eric Schmitt argues that the Missouri Higher Education Loan Authority, a quasi-state entity, which owns and services federally guaranteed student loans, faces economic harm from the debt relief program.

Nebraska Attorney General Doug Peterson argues in the lawsuit that some of his state’s pension fund is invested in securities that are backed by federally guaranteed loans. The lawsuit says the Biden relief program could cut in half the size of that market and hurt the state’s investments in it.

Some of the other states, however, argue that the entire student debt relief program — not just the federally guaranteed part — will cause them economic injury. They argue they’ll face lost tax revenue as a result of Biden’s student debt relief program for all types of federal student loans.

The Education Department spokesperson said the policy change would affect "only a small percentage of borrowers.” The most exact federal data, as of June 30, shows there were 4.1 million federal borrowers with $108.8 billion of loans held by private lenders.

Administration officials argued that the policy change would directly affect far fewer than millions of borrowers because a large share of the borrowers were never set to receive the relief in the first place or have other avenues to obtain relief.

Some 1.6 million borrowers with privately held federal student loans also have a direct loan, according to an administration official. Those borrowers will still be able to obtain debt relief on their direct loan, the official said, though it is possible that they will receive less overall relief.

Another 1.5 million borrowers have a certain type of privately held federal loan — an FFEL consolidation loan — would have faced a complex process for making their loans eligible for relief, according to an administration official.

Combined with some additional drop-off for borrowers who exceed the income limits of the program, administration officials argue that only about 770,000 borrowers would be directly affected by the policy change.

Earlier this month, the Biden administration released data estimating that 42.4 million borrowers across the country would be eligible for its debt relief program.

It’s not clear why the Biden administration decided on Thursday to pull the plug on allowing the subset of federal student loan borrowers to participate in the program. Industry officials and a wide range of policy experts had long warned — even before the administration’s August announcement — about the legal complexities associated with the federal government forgiving federally guaranteed student loans.

Top Education Department officials and industry groups had for weeks been negotiating a compromise deal in which the companies were compensated for their losses and would avoid suing the administration over the issue.

Those discussions have not yet produced a deal, but the administration signaled on Thursday they would continue negotiating.

The Education Department said on its website Thursday it “is assessing whether there are alternative pathways to provide relief to borrowers with federal student loans not held by [the Education Department], including FFEL Program loans and Perkins Loans, and is discussing this with private lenders.”

Sun, 16 Oct 2022 06:23:00 -0500 en-US text/html https://www.yahoo.com/news/biden-administration-scales-back-student-165403308.html
Killexams : Biden administration tightens student loan forgiveness amid legal challenges

The Biden administration is pulling back on its student debt relief program amid numerous legal challenges, including six new lawsuits filed by Republican-led states.

In a reversal from Biden’s original sweeping proposal in August to cancel federal student loans up to $20,000, the US Department of Education announced Thursday that it would not forgive debt from borrowers whose student loans are owned by private entities.

The White House faced its first legal challenges to the controversial program this week, which the nonpartisan Congressional Budget Office estimated Monday would cost taxpayers $400 billion.

In the existing lawsuit filed in federal court in Missouri on Thursday, Republican attorneys general from Arkansas, Iowa, Kansas, Missouri, Nebraska and South Carolina requested that the relief program be shut down, arguing that it’s unconstitutional and is “not remotely tailored to address the effects of the pandemic on federal student loan borrowers.”

While the federal student loans tied up with private entities account for just a small percentage of the potentially 42 million Americans affected by the program, there are significant business interests — including banks, guaranty agencies, loan servicers and investors — that pose a legal threat to the program, according to Politico.

Many businesses and companies would lose money lent to borrowers who converted their federal guaranteed loans into consolidated new loans made to the Department of Education.

Activists hold signs
Borrowers whose federal loans are owned by private lenders will no longer be eligible for relief as of Thursday.
AFP via Getty Images

As of June 30, federal data show there were 4.1 million federal borrowers with $108.8 billion worth of loans owned by private lenders, Politico reported.

Under Biden’s plan unveiled on Aug. 24, borrowers are eligible for forgiveness of up to $10,000 in federally owned student debt if they have an annual income under $125,000. Pell Grant recipients are eligible for $20,000 in forgiveness.

The DOE said Thursday that those who have already applied for consolidated loan forgiveness by Sept. 29 would still receive it, buy debt relief for those loans will no longer be available.

“As of Sept. 29, 2022, borrowers with federal student loans not held by ED cannot obtain one-time debt relief by consolidating those loans into Direct Loans,” the DOE said in an update on its website.

“Borrowers with [Federal Family Education Loan] FFEL Program loans and Perkins Loans not held by ED who have applied to consolidate into the Direct Loan program prior to Sept. 29, 2022, are eligible for one-time debt relief through the Direct Loan program.”

“Our goal is to provide relief to as many eligible borrowers as quickly and easily as possible, and this will allow us to achieve that goal while we continue to explore additional legally available options to provide relief to borrowers with privately owned FFEL loans and Perkins loans, including whether FFEL borrowers could receive one-time debt relief without needing to consolidate,” an Education Department spokesperson told Politico in a statement.

In their lawsuit, the six attorneys general claimed they would face economic hardship if loans owned by private lenders were forgiven. Nebraska Attorney General Doug Peterson said his state’s pension fund is partly invested in securities backed by guaranteed federal loans. Others argued that the entire program would negatively impact their states’ economies.

US President Joe Biden announces student loan relief on August 24, 2022
Biden announced his student debt relief program on Aug. 24, to backlash from conservatives.
AFP via Getty Images

The Department of Education said on its website it is “assessing whether there are alternative pathways to provide relief to borrowers with federal student loans not held by ED, including FFEL Program loans and Perkins Loans, and is discussing this with private lenders.”

Biden invoked emergency powers to authorize the loan forgiveness following a campaign by progressive Democrats — saying the COVID-19 pandemic meant he had a right to waive the debt. The administration has used a post-9/11 law meant to help members of the military as legal justification to reduce or erase student loan debt during a national emergency. 

Republicans have argued in their suit that the administration is misinterpreting the law because, in part, the pandemic is no longer a national emergency, as Biden claimed in a exact “60 Minutes” interview.

With Post wires

Fri, 30 Sep 2022 01:14:00 -0500 en-US text/html https://nypost.com/2022/09/29/biden-administration-tightens-student-loan-forgiveness-amid-legal-challenges/
Killexams : Biden administration scales back student loan forgiveness plan as states sue

By Katie Lobosco, CNN

The Biden administration scaled back eligibility for its student loan forgiveness plan Thursday, the same day six Republican-led states sued President Joe Biden in an effort to block his student loan forgiveness plan from taking effect.

Borrowers whose federal student loans are guaranteed by the government but held by private lenders will now be excluded from receiving debt relief. Around 770,000 people will be affected by the change, according to an administration official.

The Department of Education initially said these loans, many of which were made under the former Federal Family Education Loan program and FEderal Perkins Loan program, would be eligible for the one-time forgiveness action as long as the borrower consolidated his or her debt into the federal Direct loan program.

On Thursday, the department reversed course. According to its website, privately held federal student loans must have been consolidated before September 29 in order to be eligible for the debt relief.

Borrowers with privately held federal student loans who have not consolidated yet are currently out of luck, though the Department of Education said it "is assessing whether there are alternative pathways" to provide relief.

Borrowers with privately held federal student loans represent a small portion of the 43 million federal student loan borrowers. There are about 4 million borrowers with Federal Family Education Loans, but not all of those people are likely eligible for the loan forgiveness plan, which also includes an income requirement.

"Our goal is to provide relief to as many eligible borrowers as quickly and easily as possible, and this will allow us to achieve that goal while we continue to explore additional legally-available options to provide relief to borrowers with privately owned FFEL loans and Perkins loans, including whether FFEL borrowers could receive one-time debt relief without needing to consolidate," the Department of Education said in an emailed statement.

"Borrowers with privately held federal student loans who applied to consolidate their loans into Direct Loans before September 29, 2022 will obtain one-time debt relief. The FFEL program is now defunct and only a small percentage of borrowers have FFEL loans. This is a completely different program than Direct Loans," the statement said.

Lawsuit argues forgiveness will hurt loan servicers

The lawsuit was filed in a federal court in Missouri by state attorneys general from Missouri, Arkansas, Kansas, Nebraska and South Carolina, as well as legal representatives from Iowa.


"In addition to being economically unwise and inherently unfair, the Biden Administration's Mass Debt Cancellation is another example in a long line of unlawful regulatory actions. No statute permits President Biden to unilaterally relieve millions of individuals from their obligation to pay loans they voluntarily assumed," Nebraska Attorney General Doug Peterson's office said in a news release.

The plaintiffs argued that student loan servicers -- including the Higher Education Loan Authority of the State of Missouri, known as MOHELA -- are harmed by Biden's student loan forgiveness plan. It argues that the plan creates an incentive for borrowers to consolidate Federal Family Education Loans owned by MOHELA into Direct Loans owned by the government, "depriving them (MOHELA) of the ongoing revenue it earns from servicing those loans," according to the lawsuit.

But the Department of Education's move to exclude borrowers with privately held federal loans from the student loan forgiveness plan could weaken that legal argument, said Luke Herrine, an assistant law professor at the University of Alabama who previously worked on a legal strategy pushing for student debt cancellation.

The White House continues to argue that its student loan forgiveness plan is legal.

"Republican officials from these six states are standing with special interests, and fighting to stop relief for borrowers buried under mountains of debt,"said White House spokesman Abdullah Hasan in an emailed statement.

"The President and his administration are lawfully giving working and middle class families breathing room as they recover from the pandemic and prepare to resume loan payments in January," he said.

Federal student loan payments have been paused since March 2020, thanks to a pandemic-related benefit. The pause expires on December 31.

Earlier this week, a public interest lawyer who is also a student loan borrower, sued the Biden administration over the student loan forgiveness plan, arguing that the policy is an abuse of executive power and that it would stick him with a bigger state tax bill.

How Biden's plan will work

Under Biden's plan, individual borrowers who earned less than $125,000 in either 2020 or 2021 and married couples or heads of households who made less than $250,000 annually in those years will see up to $10,000 of their federal student loan debt forgiven.

If a qualifying borrower also received a federal Pell grant while enrolled in college, the individual is eligible for up to $20,000 of debt forgiveness. Pell grants are awarded to millions of low-income students each year, based on factors that include their family's size and income and the cost charged by their college. These borrowers are also more likely to struggle to repay their student debt and end up in default.

The administration is expected to roll out the first wave of student loan forgiveness in October.

The Congressional Budget Office estimated this week -- before the administration excluded FFEL borrowers -- that Biden's plan could cost the government $400 billion but warned that the estimate relies on several assumptions and is "highly uncertain."

Estimating the cost of student debt forgiveness is complicated because loans are generally paid back over several years. The White House argues that the CBO's estimate should be looked at over a 30-year time frame.

Untested legal waters

Biden announced the forgiveness plan in August, after facing mounting pressure from Democrats to forgive some student loan debt. Senate Majority Leader Chuck Schumer and Massachusetts Sen. Elizabeth Warren repeatedly called on the President to cancel up to $50,000 in student loan debt per borrower.

But canceling federal student loan debt so broadly is unprecedented and, until now, has yet to be tested in court. Biden initially urged Congress to take action to cancel some student debt, rather than wade into a murky legal area himself, but Democrats don't have the votes to pass such legislation.

In a Department of Education memo released in August, the Biden administration argued that the Higher Education Relief Opportunities for Students Act of 2003 -- or Heroes Act -- grants the Education Secretary the power to cancel student debt to help address the financial harm suffered due to the Covid-19 pandemic.

The Heroes Act, which was enacted in the wake of the September 11 terrorist attacks, "provides the Secretary broad authority to grant relief from student loan requirements during specific periods," including a war, other military operation or national emergency, according to the memo.

The lawsuit filed Thursday argues that the Heroes Act does not grant the President such broad authority.

What happens next

Additional lawsuits challenging Biden's student loan forgiveness plan could be forthcoming. Arizona Attorney General Mark Brnovich, a Republican, has said he is working on developing the best legal theory to sue the administration over the action.

A conservative advocacy group called the Job Creators Network is also weighing its legal options, planning to file a lawsuit once the Department of Education formalizes the student loan forgiveness plan next month.

But some legal experts are skeptical that a legal challenge to Biden's student loan forgiveness plan could be successful.

Abby Shafroth, staff attorney at the nonprofit National Consumer Law Center, previously told CNN that she believes the merits of the Biden administration's legal statutory authority are strong and that it's unclear who would have legal standing to bring a case and want to do so. Standing to bring a case is a procedural threshold requiring that an injury be inflicted on a plaintiff to justify a lawsuit.

If the standing hurdle is cleared, a case would be heard by a district court first -- which may or may not issue a preliminary injunction to prevent the cancellation from occurring before a final ruling is issued on the merits of the hypothetical case.

Several exact US Supreme Court decisions have touched on executive power, limiting the federal government's authority to implement new rules. While the Supreme Court takes up a small number of cases each year, lower courts may look at what the justices have said in those cases when assessing the Department of Education's authority.

Thu, 29 Sep 2022 11:38:00 -0500 en-US text/html https://www.cbsnews.com/boston/news/student-loan-debt-forgiveness-scaled-back-biden-lawsuits/
Killexams : In Reversal, Biden Administration Announces New Eligibility Limits On Student Loan Forgiveness

The Biden administration abruptly changed course on Thursday and announced it will limit eligibility for a sweeping new federal student loan forgiveness program to borrowers who have government-held loans only. This would exclude hundreds of thousands of borrowers with an older kind of federal student loan who were previously told they could qualify.

Here’s the latest.

Biden’s Student Loan Forgiveness Plan Included Path To Cancellation For Many Borrowers

Under the plan first announced in August, President Joe Biden’s one-time student loan cancellation initiative would provide up to $20,000 in federal student loan forgiveness for borrowers. The Education Department suggested that up to 40 million borrowers would be eligible for relief, with up to half of those borrowers becoming completely debt-free.

The Education Department had originally indicated that all government-held federal student loans, including undergraduate, graduate, and Parent PLUS loans, would qualify for loan forgiveness. Commercially-held loans through the Family Federal Education Loan (FFEL) program would not automatically qualify, said the Department, but borrowers could consolidate those loans into a Direct consolidation loan to receive the student loan forgiveness benefits. The FFEL program is an older federal student loan program, discontinued in 2010, where private lenders issued federal loans backed or guaranteed by the government.

“Borrowers with privately held federal student loans, such as through the FFEL, Perkins, and HEAL programs, can receive this relief by consolidating these loans into the Direct Loan program,” wrote the Education Department in its published guidance.

Biden Administration Reverses Course On FFEL Loan Eligibility For Student Loan Forgiveness

In a stunning reversal on Thursday, the Education Department changed its position on FFEL eligibility for student loan forgiveness.

“As of Sept. 29, 2022, borrowers with federal student loans not held by ED [the U.S. Department of Education] cannot obtain one-time debt relief by consolidating those loans into Direct Loans,” wrote the Education Department in updated guidance published on its website.

The Education Department clarified that, “Borrowers with FFEL Program loans and Perkins Loans not held by ED who have applied to consolidate into the Direct Loan program prior to Sept. 29, 2022, are eligible for one-time debt relief through the Direct Loan program,” ensuring that borrowers who already took steps to consolidate are effectively grandfathered in.

And borrowers who have already consolidated their FFEL loans could also still potentially qualify for relief. In addition to Direct consolidation loans comprised of loans that were held by the Education Department, “Consolidation loans comprised of any FFEL or Perkins loans not held by [the Education Department] are also eligible, as long as the borrower applied for consolidation before Sept. 29, 2022,” according to the new guidance.

But other borrowers may be out of luck.

Advocacy organizations for student loan borrowers slammed FFEL lenders following the announcement. “FFEL lenders have shown their true colors,” said the Student Borrower Protection Center in a tweet on Thursday. “Instead of working in the interest of student loan borrowers – their customers – these lenders are holding hostage relief from millions in order to keep making a buck off of suffering.”

Biden Administration Concerned About Lawsuits To Block Student Loan Forgiveness

The Biden administration’s reversal seems to stem from concerns that commercial FFEL lenders may proceed with litigation to block the new student loan forgiveness plans. FFEL lenders could have their federal student loan portfolios severely reduced if hundreds of thousands of borrowers consolidate into the Direct loan program to get the new student loan forgiveness benefits.

The Education Department indicated that the administration is “assessing whether there are alternative pathways to provide relief to borrowers with federal student loans not held by ED, including FFEL Program loans and Perkins Loans, and is discussing this with private lenders.” But nothing is guaranteed at this juncture.

Earlier this week, a conservative legal organization filed a lawsuit intended to block the new student loan forgiveness program. And today, six Republican-led states announced they would be suing the Biden over the plan, arguing the administration exceeded its authority.

Further Student Loan Reading

Biden’s Student Loan Forgiveness Could Be Taxable In Some States

What To Expect When You Apply For Student Loan Forgiveness Under Two Big Biden Initiatives

Student Loan Borrowers Should Write Down These Critical Dates For Loan Forgiveness And Repayment

Millions Of Student Loan Borrowers Will Get Refunds Of Payments Under Biden’s Loan Forgiveness Initiative

Wed, 28 Sep 2022 12:00:00 -0500 Adam S. Minsky en text/html https://www.forbes.com/sites/adamminsky/2022/09/29/in-stunning-reversal-biden-administration-will-limit-eligibility-for-sweeping-student-loan-forgiveness/
Killexams : GOP States Sue Biden Administration Over Student Loan Plan No result found, try new keyword!WASHINGTON (AP) — Six Republican-led states are suing the Biden administration in an effort to halt its plan to forgive student loan debt for tens of millions of Americans, accusing it of ... Thu, 29 Sep 2022 03:35:00 -0500 text/html https://www.usnews.com/news/best-states/missouri/articles/2022-09-29/gop-states-sue-biden-administration-over-student-loan-plan Killexams : The Biden administration's plan for student debt relief could benefit all 50 states The Biden administration's plan for student debt relief could benefit all 50 states © Provided by WTAJ Altoona The Biden administration's plan for student debt relief could benefit all 50 states

UNITED STATES (WTAJ) – On Tuesday, Sept. 20 the White House released state-by-state data on how the Biden Administration’s plan for student debt relief will benefit all 50 states.

Last month, President Biden announced his Administration's plan to supply working and middle-class Americans more breathing room by providing up to $20,000 in debt relief to Pell Grant recipients and up to $10,000 to other borrowers.

The Biden Administration expects that over 40 million borrowers are eligible for its student debt relief plan, and nearly 20 million borrowers could see their entire remaining balance discharged.

The Biden Administration's student debt relief plan will help borrowers and families recover from the pandemic and prepare to resume student loan payments in January 2023. Nearly 90% of relief dollars will go to those earning less than $75,000 per year – and no relief will go to any individual or household in the top 5% of incomes in the United States.

By targeting relief to borrowers with the highest economic need, the Administration's actions are also likely to help narrow the racial wealth gap. Nearly 71% of Black undergraduate borrowers are Pell Grant recipients, and 65% of Latino undergraduate borrowers are Pell Grant recipients.

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In the coming weeks, the Department of Education will release additional details on how individuals across the country can benefit from the Administration's student debt relief plan. For more information, visit the government’s Student Aid website.

Copyright 2022 Nexstar Media Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

For the latest news, weather, sports, and streaming video, head to WTAJ - www.wearecentralpa.com.

Tue, 20 Sep 2022 08:20:00 -0500 en-US text/html https://www.msn.com/en-us/money/careersandeducation/the-biden-administration-s-plan-for-student-debt-relief-could-benefit-all-50-states/ar-AA123qp6
Killexams : Biden administration scales back student loan forgiveness for some, amid lawsuits

President Joe Biden's administration is scaling back his federal student loan cancellation program to protect against legal challenges, including two suits filed this week -- with new guidelines now excluding at least hundreds of thousands of borrowers initially told they qualified for the forgiveness.

On Thursday, the Department of Education quietly updated its instructions on who qualifies for the debt forgiveness program of up to $20,000 for some Americans. (NPR first reported the change.)

The new guidance excludes people who took out federal loans that, while they were guaranteed by the government, were technically handled by private banks. As of Thursday, those borrowers -- with Perkins loans and Federal Family Education Loans (FFEL) -- can no longer qualify for the forgiveness program.

That change was made the same day as a lawsuit was filed by six Republican-led states targeting that very part of the program. The complaint argued that the debt cancellation would decrease revenue from interest payments for the private banks who manage those loans.

While about 4 million Americans in total have FFEL or Perkins loans, an administration official told ABC News that only about 770,000 of those borrowers will be affected by the change in the debt cancellation policy.

Forty-three million people are expected to qualify overall for the loan forgiveness, according to the Biden administration.

In a statement responding to the change, the Department of Education said it intended to provide relief "to as many eligible borrowers as quickly and easily as possible" -- indicating the shift in their guidance was intended to protect as much of the entire program as possible amid the legal challenges.

The Department of Education said it was continuing to "explore additional legally-available options to provide relief to borrowers with privately owned FFEL loans and Perkins loans, including whether FFEL borrowers could receive one-time debt relief without needing to consolidate."

There will still be FFEL and Perkins borrowers who do qualify for the relief, however, because anyone who had consolidated their education debt into federal direct loans before Thursday will still be eligible for the program -- a nuance that is expected to be litigated in court.

PHOTO: Students walking to class on the California State University, Northridge campus in Los Angeles.

Students walking to class on the California State University, Northridge campus in Los Angeles.

STOCK PHOTO/Getty Images

The student loan forgiveness lawsuits

Two lawsuits have so far been filed against the federal student loan forgiveness program.

The first, announced Tuesday in Indiana by the California-based Pacific Legal Foundation, is being argued on behalf of Frank Garrison, an Indiana resident and Pacific Legal Foundation attorney who says that his loans being forgiven would force him to pay state taxes on the canceled amount that he otherwise wouldn't have to pay.

While the merits of the complaint have yet to be decided – and as Garrison seeks a temporary restraining order to halt the forgiveness program -- the case's mere existence shows conservatives believe they have found specific plaintiffs who can allege injury under the forgiveness program and so have standing to sue.

In statements this week, Pacific Legal Foundation said its suit was in response to the White House's "flagrantly illegal" decision, which the firm cast as a violation of Congress' authority.

In response, White House press secretary Karine Jean-Pierre argued on Tuesday that no one has to get their debt relieved and that the plaintiff could "choose to opt out" rather than be stuck with a tax bill.

"We want to be really clear here: Opponents of the Biden-Harris administration student loan plan are trying to stop it because they know it will provide much needed, again, relief for working families. Anyone who does not want to get that debt relief can choose to opt out," she said.

On Thursday, in an escalation of the GOP’s emerging legal fight with the administration on student loan forgiveness, six Republican-led states filed suit against Biden in a bid to block his plan.

Governors for the six states -- Arkansas, Iowa, Kansas, Missouri, Nebraska and South Carolina -- claimed Biden is unfairly citing a national emergency, the COVID-19 pandemic, even as the president has said the pandemic is "over."

“President Biden’s student loan forgiveness scheme is fundamentally unfair and would harm the American families forced to pay for it. Additionally, the Executive branch does not have unilateral authority to impose a sweeping student loan cancellation plan,” Nebraska Gov. Pete Ricketts said in a statement.

The White House, for its part, has accused the Republicans of “standing with special interests” versus a program that an administration spokesman said will boost working- and middle-class families.

ABC News' Luke Barr and Sarah Kolinovsky contributed to this report.

Fri, 30 Sep 2022 05:51:00 -0500 en text/html https://abcnews.go.com/Politics/biden-administration-scales-back-student-loan-forgiveness-amid/story?id=90726728
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