A new lawsuit aiming to strike down President Joe Biden’s most recent efforts to reduce $39 billion in student loans student loan debt for more than 800,000 borrowers was filed on Friday. [time-brightcove not-tgx=”true”] The Cato Institute and Mackinac Center for Public Policy—two organizations that promote free markets and other libertarian ideals— are suing the Biden Administration for its plan to forgive student loans for borrowers who have made either 20 or 25 years of monthly payments towards their income-driven repayment plans.