The Supreme Court has struck down President Joe Biden’s plan to forgive $400 billion dollars in student loan debt; the justices ruled 6-3 against the POTUS.
From Fox Business:
The initiative, which had been on hold pending litigation, involved the federal government providing up to $10,000 in debt relief – and up to $20,000 for Pell Grant recipients – for people who make less than $125,000 a year. The program was expected to cost the government more than $400,000.
Biden made the unprecedented push for debt cancelation in August 2022, and his administration accepted some 16 million applications before Republicans objected and the program was put on hold.
Republicans argued Biden lacked the authority to unilaterally forgive student loans. Estimates from the Congressional Budget Office said Biden’s plan would cost taxpayers roughly $400 billion. Republicans were outraged at the total, arguing the forgiveness would be unfair to those who either paid their way through college, repaid their loans, or never attended college in the first place.
…
Republicans unveiled their own plan to address student loans and high college costs in June, introducing a series of five bills. The plan from Senate Republicans supports programs aimed at making sure students understand the real cost of college and also shuts off loans for programs that do not result in salaries that are high enough to justify those loans.
This story is developing…
🚨BREAKING: Supreme Court rules against Biden student loan debt handout https://t.co/N8O7bJL51K
— Benny Johnson (@bennyjohnson) June 30, 2023