The Supreme Court has ruled that President Biden does not have the authority to forgive millions of student loans. Politics Supreme Court strikes down Biden’s plan to forgive millions of student loans Here are some steps that borrowers can take to make the shift back to monthly loan payments less painful. The program would have forgiven an additional $10,000 in debt for qualified borrowers who had received Pell Grants, a form of financial aid for lower-income students. All told, Californians owe $142 billion, or an average of $37,084 per borrower.īiden’s program would have erased $10,000 in federal student loan debt for every borrower who earned less than $125,000 (or, for couples filing joint tax returns, less than $250,000 per household). And with House Republicans having passed a resolution opposing the loan forgiveness program and the pause in debt payments, it’s clear that borrowers won’t be getting blanket relief from Congress this session.Īccording to the Education Data Initiative, almost 10% of California residents have student loan debt. The high court’s majority, however, suggested that Congress would have to approve loan forgiveness on the scale sought by borrower advocates.
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