SCOTUS Strikes Down Student Loan Forgiveness

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In their final day of term before summer recess, the US Supreme Court made several long awaited decisions. Let's start with the one that will affect 43 million Americans. The Biden administration's student debt forgiveness plan in a 6 to 3 decision, the court struck down the President's plan ruling it unconstitutional because it was not explicitly approved by Congress. In his majority opinion. Chief Justice John Roberts wrote this. The secretary's plan canceled roughly $430 billion of federal student loan balances completely erasing the debt of 20 million borrowers. Six states sued arguing that the Heroes Act does not authorize the loan cancellation plan. We agree all nine justices unanimously ruled the second challenge to the plan had no standing. The federal student loan repayment pause will come to an end in October.