Florida and six other states are taking legal action against President Joe Biden regarding his recent student loan forgiveness plan. They argue that the plan will result in an estimated cost of $475 billion for taxpayers. This announcement was made by Attorney General Ashley Moody’s office earlier this week.
Missouri, Arkansas, Georgia, North Dakota, Ohio, and Oklahoma are all plaintiffs in the lawsuit, along with Florida. The lawsuit is 62 pages long. In addition to Biden, the group is also taking legal action against Miguel Cardona, the Secretary of Education, and the U.S. Department of Education.
“We will go to court to ensure that hard-working Americans, who are having difficulty buying groceries because of Biden, are not responsible for other people’s debt,” Moody said in a news release.
The lawsuit argues that the Supreme Court has previously rejected a plan that would require teachers, truckers, and farmers to pay off the student loan debt of other Americans. The plaintiffs claim that this plan would have cost them $430 billion.
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The lawsuit was announced three days before the U.S. Department of Education announced that Biden would forgive student loans for almost 206,800 borrowers through the Saving on a Valuable Education plan. Education officials announced that a total of 277,000 borrowers would receive $7.4 billion in student loan debt relief.
In addition to SAVE, other funding will help borrowers by making administrative adjustments to the income-driven repayment plan and fixing issues with Public Service Loan Forgiveness.
“Today, we are assisting 277,000 borrowers who have been making payments on their student loans for at least ten years,” stated U.S. Under Secretary of Education James Kvaal in a news release on Friday. “They have paid as much as they can afford, and they have earned loan forgiveness for the remaining amount of their loan.”
Education officials have announced that 16,700 borrowers in Florida have been approved for forgiveness through SAVE, which amounts to a total of $301.2 million. Additionally, 4,580 borrowers have been approved for forgiveness through IDR adjustment, totaling $263.9 million.
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