FILE- © Jack Gruber-USA TODAY
(New York, NY) – The Supreme Court has struck down President Biden’s plan to forgive student loan debt. More than $400 billion would have been forgiven, with individual borrowers eligible for up to $20,000 forgiven if they received Pell grants. Otherwise, up to $10,000 was eligible to be forgiven. But in a 6-3 decision, the nation’s highest court said the plan was unconstitutional because Biden never got approval from Congress.
Biden made tackling student loan debt a key part of his campaign in 2020. He expressed disappointment in the court’s decision and blamed Republicans for taking the issue all the way to SCOTUS. Biden went on to say he’s aware millions of Americans are “angry” at the decision.
What’s more, student loan repayments will soon resume after going on pause during the pandemic. Borrowers need to start making payments again in October, while interest will begin accumulating once again come September 1.
