Biden's proposal to cancel $400 billion in student loans is rejected by the US Supreme Court; the President is likely to unveil fresh measures.
The US Supreme Court has blocked President Biden's plan to cancel $430 billion in student loan debt, ruling that the administration overstepped its authority. On October 17, 2022, U.S. President Joe Biden makes a speech regarding the student loan forgiveness programme in a venue on the White House complex. Leah Millis at Reuters (Reuters) The Supreme Court disallowed US President Joe Biden's proposal to forgive $430 billion in student loan debt, which presents a significant obstacle. The Biden administration had overstepped its bounds in attempting to reduce student loan debt for millions of Americans, the closely divided supreme court decided. The decision returned roughly $500 billion in debt to household balance sheets, and the President is now prepared to propose new measures to protect borrowers. President Joe Biden's $400 billion plan, which was unveiled last year, would have eliminated up to $20,000 in federal student debt for 43 million people. Of those, 20 mill...