OLC opinion explaining that Biden's student loan forgiveness program is authorized by the HEROES Act

[Nevilledog]

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Mark Joseph Stern
@mjs_DC
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Here's the Office of Legal Counsel opinion explaining that Biden's student loan forgiveness program is authorized by the HEROES Act of 2003, which allows the Secretary of Education to waive or modify loans because of a national emergency (here, COVID). https://justice.gov/olc/file/1528451/download…

We conclude that the Act grants that authority. The
plain text of the HEROES Act authorizes the Secretary to “waive or
modify any statutory or regulatory provision applicable to” the federal
student loan program, 20 U.S.C. § 1098bb(a)(1) (emphasis added), an
authority that encompasses provisions applicable to the repayment of the
principal balances of loans, provided certain conditions are met. We
conclude that targeting relief towards those individuals who suffered
financial hardship because of COVID -19 and who otherwise satisfy the
requirements of the Act accords with the Act’s requirement that the
waiver or modification “be necessary to ensure that” student loan recipients who are “affected” by a national emergency “are not placed in a worse position financially” with respect to their loans as a result. Id.

§ 1098bb(a)(2). Further, we believe that the Secretary may reasonably
conclude that class-wide debt relief in these circumstances is appropriate.
9:36 AM · Aug 24, 2022

Full opinion
https://www.justice.gov/olc/file/1528451/download

[orleans]

1. abc nightly news just said

(as reported by ??? i forget)
that it could cost taxpayers $500 billion over the next ten years.

meh. i'm still glad biden is helping people with this.