It has been a while since student borrowers have had to make their monthly payments, which are now set to resume in October
decision of the 2022-23 term, the Supreme Court on June 30th scuttled President Joe Biden’s plan to cancel some $430bn in federal student debt. About 20m borrowers who stood to see their debts erased and another 23m whose median debt would have shrunk from $29,400 to $13,600 are now, with the decision inIt has been a while since student borrowers have had to make their monthly payments. Donald Trump put them on pause in March 2020 and extended the forbearance twice.
The scope of the plan rankled the majority. Rather than soften loans around the edges, Mr Biden’s programme provided that “every borrower within the specified income cap automatically qualifies for debt cancellation, no matter their circumstances”. Up to “98.5% of all borrowers” stood to profit. “From a few narrowly delineated situations specified by Congress, the Secretary has expanded forgiveness to nearly every borrower in the country.
Justice Elena Kagan wrote a furious dissent, joined by Justices Ketanji Brown Jackson and Sonia Sotomayor, telling the majority that it, not Mr Biden, had grabbed extravagant authority and compromised the separation of powers. “In every respect”, she began, “the court today exceeds its proper, limited role in our nation’s governance.
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