This means Biden's plan cannot happen as the case against him goes through the lower courts.
The Supreme Court refused to vacate an injunction placed on Joe Biden ’s plan to cancel student loans as the case goes through lower courts.BREAKING: The Supreme Court just ruled against Biden on his plan to unilaterally use tax dollars to cancel student loan debtThe Saving on a Valuable Education plan, introduced in August 2023, is the White House’s most recent attempt at debt forgiveness after the Court rejected a move to cancel over $400 billion in outstanding loans in June 2023.
While the Biden administration initially claimed the SAVE plan would cost $156 billion over the next decade, the eleven states challenging the program in court contended that the actual cost would be $475 billion over the same period of time. The Congressional Budget Office estimated a $276 billion price tag.
Just watch: they will be demanding that their mortgages and car loans be canceled too.Well, now that Biden has dropped out of the race, the necessity for him to cut student loans is no longer relevant.I would be in favor of student debt discharge / forgiveness if , and only if, the organizations and people that benefited from the student loans bared the cost of the forgiveness.
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