ATLANTA, GA — Georgia and six other states are suing President Joe Biden over his latest student loan forgiveness plan, claiming the plan will cost taxpayers an estimated $475 billion, Attorney General Chris Carr’s office announced this week.
Missouri, Arkansas, Florida, North Dakota, Ohio and Oklahoma are named plaintiffs along with Georgia in the 62-page lawsuit.
Aside from Biden, the group is also suing the Department of Education Secretary Miguel Cardona and the U.S. Department of Education.
“Georgia taxpayers have made it clear that they know it’s wrong to be forced to pay off other people’s student loans, particularly those with the highest earning potential,” Carr said in a news release. ‘This is election-year politics and an egregious example of federal overreach, and we’re fighting back yet again.”
The lawsuit claims the Supreme Court has previously shut down a plan that would cause teachers, truckers and farmers to pay “for the student loan debt of other Americans,” an attempt plaintiffs said would have cost them $430 billion.
News of the lawsuit came three days before the U.S. Department of Education announced Friday that Biden would forgive student loans for nearly 206,800 borrowers through the Saving on a Valuable Education plan.
Education officials said $7.4 billion would go toward student loan debt relief for 277,000 total borrowers.
Aside from SAVE, other funding will benefit borrowers through administrative adjustments to the income driven repayment plan and through fixes to Public Service Loan Forgiveness.
“Today we are helping 277,000 borrowers who have been making payments on their student loans for at least a decade,” U.S. Under Secretary of Education James Kvaal said in a news release Friday. “They have paid what they can afford, and they have earned loan forgiveness for the balance of their loan.”
Education officials said 8,200 Georgia borrowers have been approved for forgiveness through SAVE, totaling $156 million, and…
Read the full article here
