Biden's Higher Education Act: A Complicated Future for Student Loan Forgiveness

President Joe Biden is pursuing an alternative plan to forgive federal student loan debt after the Supreme Court rejected his initial proposal. The new approach is based on the Higher Education Act (HEA) of 1965, which grants the U.S. Education Department the authority to "compromise, waive or release loans." The details of the plan will be revealed during a rulemaking process, which will involve public hearings. It remains uncertain whether the debt cancellation offered through the HEA will be as extensive as Biden's first program. The proposal is likely to face legal challenges, and its scope and scale are yet to be determined.