ABC U.S Supreme Court Keeps Block On Unlawful Student Loan Forgiveness Attempt 08 28 2024

DAY. WE COULD SEE A RECORD. >> Rebecca: START EARLY WITH THOSE LABOR DAY PLANS. THE SUPREME COURT RULING THAT THE BIDEN ADMINISTRATION STUDENT DEBT RELIEF PLAN MUST STAY ON HOLD PENDING LEGAL CHALLENGES. CARRIE MORAN HAS THE LATEST. GOOD MORNING. >> GOOD MORNING, REBECCA. THIS NEW ORDER FROM THE SUPREME COURT WILL KEEP THAT STUDENT LOAN REPAYMENT PLAN ON HOLD FOR NOW AFTER A LOCAL COURT HAVE BLOCKED IT EARLIER THIS YEAR, AND ALL OF THIS LEAVING MILLIONS OF BORROWERS IN LIMBO. THIS IS AMBITIOUS. MORE THAN 8 MILLION BORROWERS HAVE ALREADY SIGNED UP FOR WHAT IS CALLED THE NAVE ACT. AN INCOME-BASED PROGRAM THAT STRUCTURES MONTHLY REPAYMENTS ARE AROUND A BORROWER'S OFFERS A FASTER PATH TO DEBT CANCELLATION. IT HAS ALREADY CLEARED THE DEBT FOR MORE THAN 400,000 PEOPLE AND REQUIRE $0 PAYMENTS FOR THOSE WITH AN INCOME OF LESS THAN AROUND $30,000. THEY BLOCKED THE PLAN FROM GOING INTO EFFECT AFTER REPUBLICAN LED STATE SUIT, ARGUING THAT THE PRESIDENT HAD EXCEEDED HIS LEGAL AUTHORITY, THAT ONLY CONGRESS CAN APPROVE A DEBT RELIEF MEASURE OF THIS MAGNITUDE. THE SAME ARGUMENT THE SUPREME COURT USE TO STRIKE DOWN PRESIDENT BIDEN'S FIRST EFFORT AT STUDENT DEBT RELIEF. THESE STATES CLAIMED THAT THIS PROGRAM WILL COST THE FEDERAL GOVERNMENT $475 BILLION OVER TEN YEARS. OTHER ESTIMATES ARE MUCH LOWER. BUT FOR NOW THE HIGH COURT KEEPS THIS PROGRAM FROM GOING INTO EFFECT WHILE THE LOWER COURT WORKS OUT ITS DETAILS. HOWEVER THIS