An executive order issued in August 2021 by Democrat Joe Biden seeks the forgiveness of all student loans, leaving economists and other professionals concerned about the repercussions.

In part, the executive order states:

“To address the financial harms of the pandemic for low- and middle-income borrowers and avoid defaults as loan repayment restarts next year, the Department of Education will provide up to $20,000 in loan relief to borrowers with loans held by the Department of Education whose individual income is less than $125,000 ($250,000 for married couples) and who received a Pell Grant. Nearly every Pell Grant recipient came from a family that made less than $60,000 a year, and Pell Grant recipients typically experience more challenges repaying their debt than other borrowers. Borrowers who meet those income standards but did not receive a Pell Grant in college can receive up to $10,000 in loan relief.”

The Brown County Taxpayers Association filed a motion on Wednesday which requested that the Supreme Court immediately pause the loan relief program “while it moves forward with litigation against the Biden Administration,” Forbes reported.

This effort to halt the cancellation of student loan debt was denied by the court, and the cancellation will proceed despite other pending objections.

Forbes added that “Conservative Justice Amy Coney Barrett rejected the motion from a Wisconsin group without offering an explanation.

A federal district court tossed a lawsuit from the group aiming to stop the program, which they have since appealed to the 7th Circuit Court of Appeals. The motion to the Supreme Court argued the program should be halted immediately because Biden overstepped his authority by authorizing loan forgiveness, which they claimed will lead to a gargantuan increase in the national debt.

On Monday, the application website for student loan forgiveness became live.

“After conducting beta testing over the weekend, President Joe Biden — alongside Education Secretary Miguel Cardona — announced that the application website is officially live, and borrowers can apply for up to $20,000 in debt relief that will start being processed by the Education Department. During his remarks, Biden noted that over 8 million borrowers applied over the weekend without a glitch or any difficulty,” according to Business Insider.

“It means more than 8 million Americans are starting this week on their way to receiving life-changing relief,” Biden asserted. “Millions more are going to have the opportunity to do it as well. As millions of people fill out the application, we’re going to make sure the system continues to work as smoothly as possible.”

More on this story via The Republic Brief:

The Insider report continued: “Borrowers who submitted their applications during the beta testing period do not need to resubmit — their forms will now begin getting processed. As Biden noted, it takes just five minutes to apply — borrowers just need to enter basic information like their names, email addresses, and Social Security numbers. The department recommends applying before mid-November to ensure relief hits borrowers’ accounts before payments resume in January 2023.” CONTINUE READING…