This is the Cato Daily Podcast for Saturday, August 5th, 2003. I'm Caleb Brown.

Now that the Supreme Court has tossed President Biden's student debt bailout plans, the President appears to want another bite at the apple.

What does that look like and what authority is the President hanging his hat on for this round?

He does Neil McCluskey explains. Well, so the first thing probably worth setting up to go even further back is,

even before the Biden administration decided they were going to try and do this mass student debt cancellation,

they were doing everything they thought they could in dribs and drabs to cancel

student debt. So not saying we'll just do it blanket like they eventually proposed but they've been

planning to you know sort of keep chipping away this for a long time so then they

went though they were going to go for the home run with the

proposal to give mass forgiveness is up to $20,000 for just about everyone.

I actually think the Biden administration, Pie, knew there was a pretty good chance

they're going to lose in court, which is why they'd been pursuing other avenues this whole time.

And they did, of course, lose in court where they said the hey the executive

doesn't have the authority to just turn 400 billion dollars of grants into

loans. So they were already, I mean sorry, turned $400 billion of loans into grants.

It would be nice if maybe we got repaid for some grants, but anyway, so making it much more expensive for the taxpayer.

But they were again talking about even as this was happening,

making other changes to student loan repayment, no matter what happened in court.

And the big one is that they're going to change through regulation, or so they hope,

how you repay income-driven repayment.

And income-driven repayment means basically,

hey, we look at your income and decide

...