What the Supreme Court’s rejection of student loan relief means for borrowers – Gist It

What the Supreme Court’s rejection of student loan relief means for borrowers

The U.S. Supreme Court has struck down President Biden’s plan to forgive federal student loan debt for tens of millions of Americans, declaring that the Administration did not have the authority to cancel $430 billion of student loan principal.

Key Details: The Supreme Court’s decision was a 6-3 ruling.
* According to the court, the Biden Administration overstepped its authority under a 2003 federal law, the HEROES Act, which allows for modifications but does not permit the cancellation of such a huge amount of student loan debt.
* Chief Justice John Roberts, writing for the majority, stated the Education Department’s actions amounted to a “novel and fundamentally different loan forgiveness program.”

Effects on Borrowers: The ruling leaves many borrowers disappointed, as Biden’s plan would have provided relief to as many as 43 million people.
* The cancelled debts could have erased student loans for nearly half of those borrowers, approximately 20 million people.

The Political Angle: The decision is a win for Republicans, many of whom opposed Biden’s student loan cancellation plan.
* They criticized the plan as a misuse of executive power and a costly handout to college-educated Americans.

Repayment on the Horizon: Borrowers will soon have to start repaying their loans, with payment resuming in October.
* The transition to repayment could be difficult, as the Education Department has cut funding to loan servicers and allowed them to reduce call center hours.
* Several million borrowers are also making student loan payments for the first time.

The Bigger Picture: Neither version of Biden’s plan would have addressed the growing levels of student loan debt as college costs continue to rise.
* The cost of college has doubled since 1990, and the U.S. government continues to issue loans to help Americans afford higher education.
* The administration’s new income-driven repayment plan could provide relief, but its implementation is uncertain and would require substantial support for borrowers.

View original article on NPR

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June 30, 2023

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