President Joe Biden is offering an alternative student debt plan designed to ease borrowers’ threat of default if they fall behind on their payments, after the Supreme Court struck down his original initiative.
Biden on Friday cited Republican opposition for triggering the Supreme Court’s ruling and slammed the decision as wrong.
The president said he will work under the authority of the Higher Education Act to begin a new program that would begin loan repayment but remove the immediate threat of default. He said the plan would take longer but provide relief to millions of borrowers.
In a speech on Friday, Biden said that the program reflected a “new path” that was consistent with the Supreme Court ruling.
This is a developing story and will be updated.
Watch Biden’s remarks in full:
