A new lawsuit aiming to strike down President Joe Biden’s most recent efforts to reduce $39 billion in student loans student loan debt for more than 800,000 borrowers was filed on Friday
What's in the lawsuit?” because it would count non-payments, or periods when a borrower is in forbearance and does not have to make any payments towards forgiveness.
, which requires that agencies notify the public of proposed regulations and allow for a period of feedback from the public before the rule is enacted. Because the one-time account adjustments could count up to three years of additional payments towards forgiveness, and could cancel debt for an additional 2.8 million borrowers on an income-driven repayment plan in the future, plaintiffs say that the cancellation plan could cost taxpayers up to $175 billion in lost payments and interest.
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