The Supreme Court has struck down President Joe Biden's student loan forgiveness plan, ruling 6–3 that the plan, which had promised up to $20,000 in federal student loan forgiveness per borrower, was not authorized under existing law. It was widely expected that the Court would halt Biden's proposal.
Last August, Biden announced that the Department of Education would launch a sweeping student loan forgiveness plan, forgiving $10,000 in federal student loan debt for single borrowers making up to $125,000 per year and married couples making up to $250,000. Borrowers who received Pell Grants would be eligible for $20,000 in loan forgiveness.
