By Blake Haas

BLOOMINGTON – Even though President Biden announced student loan debt relief for millions of Americans, a local financial advisor reports the move could not come to fruition.

In late August, President Biden announced debt relief in the form of $10,000 for those with federal loans and up to $20,000 for those with Pell Grants.

However, Chris Ruedi at Savant Wealth Management said there could be challenges to the move that could derail the plan.

“I think there’s going to be some legal challenges to what those Excetuvie actions, to what extent of those powers, because anything that deals with money should technically, go through Congress (and the) House of Representatives. They’re going to at least somewhat try to challenge that authority, or maybe an overreach of Presidental power.”

During the campaign trail, President Biden pushed for the cancellation of up to $50,000 worth of student debt but later decided to forgive smaller amounts.

“It’s not an over-and-done-deal,” Ruedi said on the afternoon show, which airs weekdays from 4 – 6 p.m. “I think that there will be some legal challenges brought against some of that executive power used that, just because it was not passed through anything legislatively.”

At last count, 48 million Americans have student loan debt worth around $1.78 trillion.

Blake Haas can be reached at [email protected]