Missouri and six other states are suing the Biden administration to stop his latest proposal for wiping out student loan debt.
President Joe Biden announced Monday that his latest student loan proposal would provide debt forgiveness for several categories of borrowers – the most wide-ranging being for those who owe more than they originally borrowed due to high interest rates. Biden said the plan would benefit about 30 million Americans.
The Biden administration has not said how much this latest proposal would cost, but Missouri Attorney General Andrew Bailey said in a press release it would cost $475 billion, “$45 billion more than its last unlawful student loan plan.”
In his suit, Bailey accused the president of trying to “saddle” Americans with an “expensive and controversial policy” that he couldn’t get through Congress.
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