In less than a week, six elite U.S. law schools have opted out of U.S. News & World Report's rankings of the best law schools due to its "profoundly flawed" methodology, according to Harvard Law School Dean Heather K. Gerken.
“Unless the [Education] Department is allowed to provide debt relief, we anticipate there could be an historically large increase in the amount of federal student loan delinquency and defaults as a result of the COVID-19 pandemic,” Education Department Undersecretary James Kvaal said in the filing.
A decision from the 8th U.S. Circuit Court of Appeals on Monday to block President Joe Biden’s student debt relief program and another from a U.S. District Court in Texas last week could mean millions of Americans will not see their student loans forgiven.
A U.S. District Court in Texas on Thursday night blocked President Joe Biden's student loan forgiveness program on the grounds that the administration didn't have the authority to act.
“This is the university’s commitment to provide new students with an opportunity to graduate in four years or less with the lowest amount of debt,” Javier Flores, Texas Woman’s associate vice president for enrollment management, said in a statement.
The Biden administration's announcement that up to $20,000 in student loan debt will be canceled for borrowers will bring welcome relief to millions, as long as courts allow. But that relief won't do anything to slow the rapidly rising cost of going to college.
The pipeline of traditional-age students will tighten further midway through this decade because of the drop in births during the Great Recession of 2008, forcing college leaders to compete more aggressively for fewer students.
Two Indiana student loan borrowers filed an emergency request arguing that the Biden's initiative is unlawful and forces them to pay more in taxes, given that the canceled debt is technically taxable income per state law.
