The Biden Administration’s student loan debt forgiveness program has been blocked by the Supreme Court of the United States (SCOTUS). Over 20 million Americans signed up on the Government’s website back at the end of 2022 in an attempt to get student debt relief. These people may have believed the initial rumor of all $1.7 trillion of student loan debt being wiped away should Biden become President. That was never truly going to happen nor was it the Biden Administration’s plan. Democrat politicians and television talking heads even criticized Biden’s plan for being dead on arrival.
Biden’s plan was to eliminate $10,000 of student loan debt for borrowers earning up to $125,000 annually, or up to $250,000 for married couples. The total debt cleared would rise to $20,000 if the borrower had taken out a Pell Grant. The price tag for the plan was a whopping $400 billion. This, of course, is much less than the total $1.7 trillion dollar student loan debt bubble, but it is still a high number on its own. Biden never really had the authority to declare such a thing and serious people understood that fact.
SOURCES:
Live updates: Supreme Court rejects Biden’s student loan plan | AP News
Supreme Court Strikes Down Student Loan Relief: What to Know | Time
Debt ceiling deal would require Biden to resume collecting student loans, charging interest – POLITICO
How Many People Have Student Loan Debt? | BestColleges
Average Salaries of College Graduates 2023 – Forbes Advisor
What Is the HEROES Act? – The New York Times
Prepare for site crashes, long waits when student debt forgiveness application goes live | Fortune
When Do Student Loan Payments Resume? – NerdWallet
