【what to do with expired handicap placards】President Joe Biden Announces New Plan of Action to Aid with Student Debt Relief

Thewhat to do with expired handicap placards Higher Education Act of 1965 allows the Secretary of Education the right to "compromise, waive, or release" debt

Al Drago/Bloomberg via Getty

President

Joe Biden

's

student loan forgiveness plan

is getting a revamp.

After the

Supreme Court struck down the Biden administration's plan

to cancel up to $20,000 in student loan debt for American borrowers on Friday, the President announced that he will take an alternative course of action to student debt relief under the

Higher Education Act

.

Related:

Supreme Court Axes President Biden's Student Loan Forgiveness Plan, Insists It's Not Political

The

1965 law

gives the Secretary of Education the right to "compromise, waive, or release" debt. The President called the course of action "legally sound" while speaking outside the White House on Friday afternoon, per

The Wall Street Journal

.

"It’s going to take longer, but in my view, it’s the best path that remains to providing as many borrowers as possible with debt relief,” he added.

The White House confirmed that Education Secretary Miguel Cardona had "initiated a rulemaking process aimed at opening an alternative path to debt relief for as many working and middle-class borrowers as possible" using his authority under the law in a

press briefing

.

Anna Rose Layden/Getty Images

Being that the current pause of student loan bills ends in October, the President also announced that his new course of action will give

borrowers who are not able to make payments

on their loans a 12-month "on-ramp" period where they will not be reported to credit agencies or have their loans referred to collection agencies.

Related:

The White House Has a Message for Voters as Student Debt Relief Is Blocked: 'Republicans Are Responsible'

The announcement came shortly after a White House source told PEOPLE on Friday that Biden

would make clear that "he's not done fighting yet."

"While we strongly disagree with the court, we were prepared for this scenario," the source said. "The President will make clear he’s not done fighting yet, and will announce new actions to protect student loan borrowers."

"I believe that the Court’s decision to strike down our student debt relief plan is wrong," Biden said in an

official White House statement

.

Al Drago/Bloomberg via Getty

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"The hypocrisy of Republican elected officials is stunning," the statement added. "They had no problem with billions in pandemic-related loans to businesses – including hundreds of thousands and in some cases millions of dollars for their own businesses. And those loans were forgiven. But when it came to providing relief to millions of hard-working Americans, they did everything in their power to stop it."

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(责任编辑：Leisure)