Supreme Court Strikes Down Biden's Student Loan Forgiveness Program
Millions of Federal Borrowers Left in Limbo
Court Rules Administration Overstepped Authority
On June 30, 2023, the Supreme Court ruled that the Biden administration overstepped its authority with its plan to cancel over $400 billion in student loan debt. The ruling is a major setback for the administration, which had hoped to provide relief to millions of federal borrowers.
The court's decision was based on the finding that the administration did not have the authority to forgive student loan debt on its own. The court held that the authority to cancel debt must be given to the administration by Congress, which it has not done.
The ruling leaves millions of federal borrowers in limbo. Many of these borrowers were counting on the forgiveness program to help them pay off their student loans. The court's decision means that these borrowers will now have to continue to repay their loans.
The ruling is also a major victory for Republicans, who have long opposed the Biden administration's student loan forgiveness plan. Republicans have argued that the plan is unfair to taxpayers and that it would cost too much money.
The Biden administration has said that it is disappointed by the court's ruling. The administration is now considering its next steps, which could include asking Congress to pass legislation to forgive student loan debt.
The Supreme Court's ruling is a major development in the ongoing debate over student loan debt. The ruling is likely to have a significant impact on millions of federal borrowers and the Biden administration.
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