Conservative Supreme Court justices found that Biden’s plan would hurt Missouri’s finances, and that the president didn’t have the power to cancel so much debt.
The six GOP-led states — Arkansas, Iowa, Kansas, Missouri, Nebraska and South Carolina — that were successful in getting Biden's plan nixed by the justices had argued that the policy would lead to a loss of profits for the companies in their states that service federal student loans., wrote that MOHELA, or the Missouri Higher Education Loan Authority, would lose around $44 million a year in fees it earns from servicing federal student loans after Biden's forgiveness.
Legal experts and consumer advocates were skeptical that Biden's plan would reduce MOHELA's bottom line. They pointed out that the lender's revenue was actually
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