05.06.2023 00:02:00

What Happens If the Supreme Court Blocks Biden's Student Loan Cancellation Plan?

Student loan debt is a massive financial hurdle for tens of millions of people. With outstanding  balances topping $1.6 trillion in the first quarter of 2023, Americans owe more on their student loans than on any other type of debt other than home mortgages. Auto loans, outstanding credit card debt, home equity loans, and other types of loans each rank behind student debt, according to the latest figures from the Federal Reserve Bank of New York.It was in that context that President Biden announced  in August 2022 a plan to provide debt cancellation for federal student loan borrowers. However, opponents challenged the Biden plan in federal court, and in December, the Supreme Court agreed to take up the cases. With arguments having taken place on Feb. 28, a final decision is likely later in June.Yet with many legal experts now expecting that the Supreme Court will block the Biden plan, borrowers are already wondering what could come next. As you'll see, a Supreme Court judgment against the student loan forgiveness plan could create huge uncertainty among borrowers and lenders alike.Continue reading
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