The Supreme Court invalidated Biden’s student loan debt relief plan, and a campaign trail promise will not go into effect.
By a vote of 6-3, the justices ruled that the Biden administration overstepped its authority last year when it announced that it would cancel up to $400 billion in student loans.
The Biden administration had said that as many as 43 million Americans would have benefitted from the loan forgiveness program.
Almost half of those borrowers would have had all of their student loans forgiven.
“While today’s decision is disappointing, we should not lose sight of the progress we’ve made — making historic increases to Pell grants; forgiving loans for teachers, firefighters, and others in public service; and creating a new debt repayment plan, so no one with an undergraduate loan has to pay more than 5 percent of their discretionary income,” Biden said in a statement.
Biden said that he would announce new actions on student loans later on Friday afternoon.
Read More Here: No, Student Loans Won’t Be Forgiven