The broad fast debt relief that Biden wanted WOULD require Congress. That is a fact.

That said, the day the court struck down the broader plan, Biden announced he would be moving forward on slower tactical ways of working within other laws and programs that would be much harder to combat in court. Many were worried that this approach, sans new bipartisan legislation, would not cover as many people. That is likely true.

If someone was arguing with you that Biden could do nothing, then they clearly didn’t listen to Biden, because he gathered the press that afternoon and outlined a plan that he has been executing for the past 11 months.

Today, the Supreme Court sided with them.  I believe the Court’s decision to strike down my student debt relief program was a mistake, was wrong.

I’m not going to stop fighting to deliver borrowers what they need, particularly those at the bottom end of the economic scale.  So, we need to find a new way.  And we’re moving as fast as we can.

First, I’m announcing today a new path consistent with today’s ruling to provide student debt relief to as many borrowers as possible as quickly as possible.

We will ground this new approach in a different law than my original plan, the so-called Higher Education Act.  That — that will allow Secretary Cardona, who is with me today, to compromise, waive, or release loans under certain circumstances.

This new path is legally sound.  It’s going to take longer, but, in my view, it’s the best path that remains to providing for as many borrowers as possible with debt relief.

I’ve directed my team to move as quickly as possible under the law.  Just moments ago, Secretary Cardona took the first step to initially that — to initiate that new approach.

We’re not going to waste any time on this.  We’re getting moving on it.  It’s going to take longer, but we’re getting at it right away.

Second, we know what many borrowers will need to make their hard choices, which their — which their budgets are being strained now — when they start to repay their monthly loan payments this fall.

You know, we know that figuring out how to pay these added expenses can take time for borrowers, and they might miss payments at the front end as they get back into repayment.

Normally, this could lead some borrowers to fall into delinquency and default.  But without their financial se- — it would hurt their financial security, and that’s not good for them or the economy.  That’s why we’re creating a temporary, 12-month what we’re calling “on-ramp” repayment program.

Now, this is not the same as the student loan pause that’s been in effect for the past three years.  Monthly payments will be due, bills will not go out, and interest will be accruing.  And during this period, if you can pay your monthly bills, you should.

But if you cannot, if you miss payments, this “on-ramp” will temporarily remove the threat of default or having your credit harmed, which can hurt borrowers for years to come, because the Department of Education won’t refer borrowers.  And the reason why that will work: They won’t refer borrowers who have missed payments to credit agencies for 12 months to give them a chance to get back up and running.

https://www.whitehouse.gov/briefing-room/speeches-remarks/2023/06/30/remarks-by-president-biden-on-the-supreme-courts-decision-on-the-administrations-student-debt-relief-program/