The Supreme Court ruled that the Biden administration overstepped its authority in trying to cancel or reduce student loan debt, effectively killing the $400 billion plan. Millions of Americans are expected to resume payments by late summer.
The plan Biden announced last August would have canceled $10,000 in federal student loan debt for those earning less than $125,000, or households with less than $250,000 in income. Pell Grant recipients, who typically come from lower-income households, would have received an additional $10,000 in debt forgiveness, for a total of $20,000.
LIVE | Supreme Court strikes down Biden’s student loan forgiveness plan
The plan Biden announced last August would have canceled $10,000 in federal student loan debt for those earning less than $125,000, or households with less than $250,000 in income. Pell Grant recipients, who typically come from lower-income households, would have received an additional $10,000 in debt forgiveness, for a total of $20,000.
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