--- title: Biden Offers New Student Debt Relief Plan After Supreme Court Rebuke | TIME description: President Joe Biden is offering an alternative student debt plan designed to ease borrowers’ threat of default if they fall behind on their payments, after the Supreme Court struck down his original initiative. canonical: https://time.com/video/8fxKAJkI/ og:title: Biden Offers New Student Debt Relief Plan After Supreme Court Rebuke og:description: President Joe Biden is offering an alternative student debt plan designed to ease borrowers’ threat of default if they fall behind on their payments, after the Supreme Court struck down his original initiative. og:url: https://time.com/video/8fxKAJkI/ og:image: https://cdn.jwplayer.com/v2/media/8fxKAJkI/poster.jpg?width=720 og:type: video.other twitter:card: summary_large_image twitter:title: Biden Offers New Student Debt Relief Plan After Supreme Court Rebuke twitter:description: President Joe Biden is offering an alternative student debt plan designed to ease borrowers’ threat of default if they fall behind on their payments, after the Supreme Court struck down his original initiative. twitter:image: https://cdn.jwplayer.com/v2/media/8fxKAJkI/poster.jpg?width=720 --- * Politics # Biden Offers New Student Debt Relief Plan After Supreme Court Rebuke > Sponsored content. 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They are at time.com/newsletters and are separate from a paid subscription. ## Video: Biden Offers New Student Debt Relief Plan After Supreme Court Rebuke [Watch (HLS stream): Biden Offers New Student Debt Relief Plan After Supreme Court Rebuke](https://cdn.jwplayer.com/manifests/8fxKAJkI.m3u8) (3:27)  _Published 2023-06-30. President Joe Biden is offering an alternative student debt plan designed to ease borrowers’ threat of default if they fall behind on their payments, after the Supreme Court struck down his original initiative._ --- Jul 28, 2023 5:09 AM UTC --- ## More From This Series [All Videos](https://time.com/video/) [Supreme Court Unanimously Strikes Down Challenge to Abortion Drug Mifepristone](/video/Dzk4IIPq/) ### Supreme Court Unanimously Strikes Down Challenge to Abortion Drug Mifepristone [Biden Slams Supreme Court Ruling Against Race-Based Affirmative Action](/video/eb8LXIhN/) ### Biden Slams Supreme Court Ruling Against Race-Based Affirmative Action [Students Protest as Supreme Court Weighs Biden Student Loan Plan](/video/d6hsRtzh/) ### Students Protest as Supreme Court Weighs Biden Student Loan Plan --- ## Transcript I believe the Court's decision to strike down my student debt relief program as a mistake was wrong. I'm not going to stop fighting deliver Barbers, what they need. Particularly those at the bottom end of economic scale, so we need to find a new way. We're moving as fast as we can first time. Announcing today, A New Path consistent with the days are going to provide student get remade as many bars as possible as quickly as possible. We will ground this new approach and a different logged in my original plan was so-called Higher Education Act, that would allow a secretary Cardona was with me today to compromise wave or released loans under certain circumstances. This new path of Legally sound is going to take longer than a. My view is the best path remains to providing for many bars possible with debt relief. I'm directing my team to move as quickly as possible on a law. Just moments ago. Secretary Cardona took the first step to initially that to initiate, that new prop roach, or not going to waste any time on this. We're getting moving out of us going to take longer for it right away. So we know what many borrowers will need to make some hard choices, which their voice their budgets are being restrained. Now, when they start to repay their monthly loan payments, this fall, you know, we know that figuring out how to pay these at expenses can take time for borrowers and they might miss payments at the front end as they get back into repayment. Normally this could leave bars. The following delinquency in the fall. Without their Financial Security and 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 know about the same as a student loan pause Has been in effect for the past three years. Monthly payments will be due bills will not go out and interest will be accruing and drainage. If you can pay your monthly bills, you should. But if you cannot, if you miss payments, this on ramp temporarily, remove the threat of default or having your credit harm, which can hurt far worse for years to come because the Department of Education won't refer bars. The reason why I was at work, they won't refer bars. Miss payments to Credit Agencies for 12 months to give me a chance to get back up and running. Today's decision is closed. Now we're going to pursue another. I'm never going to stop find it for you. Will use every tool at our disposal to get you the student debt relief you need and reach your dreams, it's good for the economy, it's good for the country, it's going to be good for you. Thank you very, very much. We're going to get this done and God willing. Thank you. Question was whether or not if I would do even more than was requested, but I did, I felt was appropriate and was able to be done and would get done. I didn't get bars for also, but the Republican snatched away the hope that they were given and it's real real help. Thank you. I think the court misinterpreted, the Constitution. ```json {"@context":"https://schema.org","@type":"VideoObject","name":"Biden Offers New Student Debt Relief Plan After Supreme Court Rebuke","description":"President Joe Biden is offering an alternative student debt plan designed to ease borrowers’ threat of default if they fall behind on their payments, after the Supreme Court struck down his original initiative.\n\n","thumbnailUrl":"https://cdn.jwplayer.com/v2/media/8fxKAJkI/poster.jpg?width=720","uploadDate":"2023-06-30T21:47:10.000Z","contentUrl":"https://cdn.jwplayer.com/manifests/8fxKAJkI.m3u8","embedUrl":"https://time.com/video/8fxKAJkI/","duration":"PT3M27S","potentialAction":{"@type":"SeekToAction","target":"https://time.com/video/8fxKAJkI/?jw_start={seek_to_second_number}","startOffset-input":"required name=seek_to_second_number"}} ```