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Supreme Court strikes Joe Biden’s student loan forgiveness plan – TheFantasyTimes

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By Jitin Gambhir

Supreme Court strikes Joe Biden’s student loan forgiveness plan



Supreme Court strikes Joe Bidens student loan forgiveness plan

The student loan forgiveness plan proposed by President Joe Biden was invalidated by the U.S. Supreme Court on Friday. The aim of the plan was to eliminate $430 billion in student loan debt, benefiting approximately 43 million Americans, according to Reuters.

In a 6-3 ruling, the conservative justices expressed their opposition to the policy. Chief Justice John Roberts authored the decision alongside the court’s other five conservative members, while the three liberal justices dissented.

President Biden stated, “Nearly 90 percent of the relief from our plan would have been directed towards borrowers earning less than $75,000 annually, with no benefits provided to those earning more than $125,000. It would have had a life-changing impact on millions of Americans and their families, and it would have fostered economic growth in both the short and long term.”

Following the student loan forgiveness ruling on Friday, President Joe Biden asserted, “This battle is not yet concluded.”

Since the plan was announced by Biden in August 2022, a total of 26 million U.S. loan borrowers have sought relief. However, lower courts had previously halted the implementation of the plan.

Justice Roberts of the Supreme Court wrote, “The secretary’s plan has ‘modified’ the cited provisions only in the same sense that the French Revolution ‘modified’ the status of the French nobility – it has abolished them and replaced them with an entirely new regime. Except for a few narrowly defined situations outlined by Congress, the secretary has extended forgiveness to nearly every borrower in the country.”

CNN outlined potential future measures for borrowers in light of the ruling, including the expansion of eligibility for the Public Service Loan Forgiveness program, scheduled for July. Furthermore, the program introduced a new proposal for an income-driven repayment plan, which would decrease monthly payments and reduce the overall amount repaid by eligible borrowers over time.

The Department of Education has also simplified the process for borrowers who were deceived by for-profit colleges to apply for student loan forgiveness through the borrower defense to repayment program. Additionally, provisions have been made for individuals who are permanently disabled.


Supreme Court strikes Joe Bidens student loan forgiveness plan

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The U.S. Supreme Court struck down President Joe Biden’s student loan forgiveness plan on Friday. The plan was an attempt to cancel $430 billion in student loan debt, which would have benefitted up to 43 million Americans, per Reuters.

In a 6-3 decision, the conservative leaning Justices objected the policy. Chief Justice John Roberts wrote the ruling with the court’s five other conservative members. The court’s three liberals dissented.

“Nearly 90 percent of the relief from our plan would have gone to borrowers making less than $75,000 a year, and none of it would have gone to people making more than $125,000. It would have been life-changing for millions of Americans and their families. And it would have been good for economic growth, both in the short and long term,” Biden said in a statement.

“This fight is not over,” President Joe Biden said after the student loan forgiveness ruling on Friday.

Twenty-six million U.S. loan borrowers applied for relief between when Biden announced the plan in August 2022. Then, last November, lower courts blocked the plan.

“The secretary’s plan has ‘modified’ the cited provisions only in the same sense that the French Revolution ‘modified’ the status of the French nobility – it has abolished them and supplanted them with a new regime entirely,” Supreme Court Justice Roberts wrote. “From a few narrowly delineated situations specified by Congress, the secretary has expanded forgiveness to nearly every borrower in the country.”

For borrowers, CNN explained possible next steps. New rules set for July broaden eligibility for the Public Service Loan Forgiveness program. The program introduced a new income-driven repayment plan proposal, which will lower eligible borrowers’ monthly payments and reduce the amount they pay back over time.

The Department of Education also made it easier for borrowers misled by their for-profit college to apply for student loan forgiveness under a program known as borrower defense to repayment, as well as for those who are permanently disabled.

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