Supreme Court votes 6-3 against President Biden's $400 billion student loan debt dissolution plan
Per Fox 8
The Biden administration planned to pardon student loan debt to the tune of $400 billion. Finally, a decision has been made by the Supreme Court, ruling 6-3 against it.
Under the plan, millions of Americans would have reduced or cancelled student loan debt. These repayments are expected to resume by late summer now that the Supreme Court has ruled against the loan forgiveness program.
The initial proposal was to erase federal student loan debt worth $10,000 for borrowers earning below $125,000 annually. This would also apply to households making below $250,000.
In addition, the plan would also cover the same amount for those who attended college while also having received Pell Grants. Chief Justice Roberts gave a statement regarding the decision.
Chief Justice John Roberts: “(The) state courts retain the authority to apply state constitutional restraints when legislatures act under the power conferred upon them by the Elections Clause. But federal courts must not abandon their own duty to exercise judicial review.”
In May, the Biden administration forgave $42 billion in student loan debt for public service workers.
Before that, in March, a Bloomberg report shared how the $1.8 trillion student debt bubble is about to burst. This came as student loans are set to resume.
See flow at unusualwhales.com/flow.
Other News:
- Biden administration forgives $42 billion student loan debt for public service workers
- The $1.8 trillion student debt bubble is about to burst, per Bloomberg
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