US Supreme Court Struck Down Student Loan Forgiveness Program 2023
In a double blow to US President Joe Biden after the US Supreme Court yesterday struck down race-conscious college admissions, the top court on Friday struck down his $400 billion student loan forgiveness program.
In another 6-3 ruling, the conservative majority court – with three liberal justices dissenting – said Biden’s plan to wipe out debt for 26 million Americans was unconstitutional and an encroachment on his executive power.
The decision is another major political blow for the US president and the Democratic Party, who were going into the 2024 election cycle on the back of a populist program that allowed millions of students to stop loan payments during the pandemic and later forgive $10,000 in loans. was allowed to do.
For individuals making less than $125,000 per year (or for families making less than $250,000). Loan forgiveness doubled to $20,000 for low-income households receiving Pell grants, a financial aid package for the relatively poor.
The administration had already approved 16 million applications from about 26 million borrowers who applied for loan forgiveness. In all, about 20 million people would have emerged with a clean slate in a country where the high and rising cost of education has left 45 million people in debt of $1.6 trillion.
Democratic lawmakers and many student activists expressed anger over this decision. (Although some of the more hard-working people who pay support the decision), President Biden himself was expected to express his disapproval later in the day. asked Thursday whether the Supreme Court has gone “rogue” in the race admissions case.
“This is not a normal court,” Biden said. The issue is now expected to become a political lightning rod ahead of the 2024 elections, with the Biden administration likely to use executive methods to avoid court rulings. Senator Elizabeth Warren, a former law professor, tweeted, “The fight is far from over as extremists take politics over the rule of law on the Supreme Court.
The president has more to do with #studentloan cancellation.” The tools are there, and he should use them.” , Like race and college admissions matters, Indian-American politicians remain based on party and ideology.
From Vivek Ramaswamy, Republican presidential candidate: We have a bad habit in America of paying people to do the exact opposite of what we want: more $$ to stay home than to work, More $$ for being a single mom than married, more $$ for those who *fail* to make loan payments.
As a policy matter, this decision helps reverse that trend. From progressive Congresswoman Pramila Jayapal: Extreme right-wing Supreme Court majority cuts relief for millions of Americans to $20,000. Let me be clear: @POTUS had the authority to cancel student loan debt.
It is a terrible decision and we will fight it. Republican Senator Marsha Blackburn argued that “210 million Americans do not have student loan debt. Why should these Americans, many of whom did not go to college, pay the bills for those who voluntarily took on such debt?” Proponents of the program responded, “Why should Americans who don’t drive build your roads? Why should Americans pay for the damage others do without tornadoes?”
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