'Best path': President Joe Biden announces new 'legally sound' student debt relief plan

Following the U.S. Supreme Court's decision to reject President Joe Biden's student debt relief plan Friday, the president announced the "new path" he will take to attain his goal of relieving "as many borrowers as possible."

The high court, in a 6-3 ruling, struck down the plan to cancel up to $20,000 in federal student loan debt, arguing the president "had no right to cancel that debt."

Prior to the president's announcement, Business Insider reports U.S. Senator Bernie Sanders (I-Vermont) said, "Today, I am urging the Biden Administration to implement a Plan B immediately to cancel student debt for tens of millions of Americans who are struggling to pay the rent, put food on the table, and pay for the basic necessities of life. Despite this legally unsound Supreme Court decision, the President has the clear authority under the Higher Education Act of 1965 to cancel student debt. He must use this authority immediately."

READ MORE: Biden plans 'swift' response to Supreme Court shooting down student loan debt relief

Biden followed suit, announcing the "Plan B" he believes is the next best strategy.

"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," Biden said. "We will ground this new approach in a different law than my original plan — the so-called Higher Education Act."

He continued, "That will allow Secretary Cardona, who's with me today, to compromise, wave or release loans under certain circumstances. This new path is legally sound; it's gonna take longer, but in my view it's the best path that remains to provide as many borrowers as possible with debt relief."

Watch the video below or at this link.

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Business Insider's full report is available at this link.