Supreme Court Ruling on Student Debt Will 'Devastate' Borrowers. No, It Would Have 'Punished' Poor Americans. Who's Right?
"The Supreme Court on Friday struck down the Biden administration’s plan to cancel student-loan debt, giving opponents and proponents of loan forgiveness the chance to square off again on a debate that’s gripped Americans for months," MarketWatch reports.
"Biden’s plan aimed to cancel up to $10,000 in federal loan debt for borrowers earning less than $125,000, and up to $20,000 for borrowers who met that criteria and also used a Pell grant in college. Americans owe an estimated $1.7 trillion of student loans and the White House had said that more than 40 million borrowers would have benefited from the forgiveness program.
'Today’s decision will be difficult — if not devastating — news for millions of student-loan borrowers nationwide who have had their financial futures held in limbo for nearly a year while this plan worked its way through the courts,' said Justin Draeger, president and CEO of the National Association of Student Financial Aid Administrators, a student-affairs organization with over 13,000 members.
Draeger’s comments were just one example of the chorus of voices, each with their own take on how student-loan cancellation would have been a boon or a disaster for millions of Americans."
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Publication Date: 6/30/2023