Biden vetoes bill gutting student loan forgiveness; plan’s fate now rests with Supreme Court

USA Today

Nirvi Shah

Jue 7, 2023

President Joe Biden vetoed Wednesday a bill that would repeal his signature plan to forgive student loan debt for tens of millions of Americans, salvaging a key issue of his presidency that remains under siege at the Supreme Court.

“I won’t back down on helping hardworking folks,” Biden said in a tweet that included a video of him rejecting the legislation. “That’s why I’m vetoing this bill.”

The rejection marked the fifth veto of Biden presidency but this one might especially sting: Loan forgiveness was a significant campaign pledge for Biden, and all of his attempts to ease life for borrowers are under attack.

Part of the debt ceiling deal Congress approved this month, for instance, strikes the pause on student loan payments that’s been in effect since the start of the pandemic. Though it began under former President Donald Trump, Biden extended it repeatedly, and it costs the country about $5 billion a month.

The bill Biden vetoed, which cleared both chambers of Congress largely along party lines, would have undone the president’s proposal from last fall that would erase up to $20,000 in student loan balances. Democrats said the bill had the potential to undo loan forgiveness for teachers, police officers and other public workers under a separate federal program as well.

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