“No one wants to go into November with no one’s debt having been canceled,” he said.Īlso this week, the CBO released its official estimate that the plan will cost about $400 billion. To retain that sort of bump in polling that I think people sort of broadly agreed has occurred because of the announcement, to retain that favorability they need to actually cancel the debt,” said Braxton Brewington, spokesperson for the Debt Collective. “Every day that people go without having their debt canceled feels more bitter than sweet. With the lawsuits in mind and potentially more to come, advocates warn the administration needs to not delay on giving out forgiveness in order to retain enthusiasm from voters about the program ahead of the midterms. One major legal challenge came from several Republican-led states, arguing that the plan is unlawful because there is no statute from Congress authorizing the cancellation of student loan debt. “There’s so much fear going on, so many borrowers are already calling, rushing to us, ‘What does this mean for me?’ It was very abrupt to have, ‘Today is the day we announce it and the day that is the last day to consolidate within minutes of lawsuits coming out,’” said Natalia Abrams, president of the Student Debt Crisis Center.
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