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Biden to address Supreme Court decision to strike down student loan relief plan
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June 30, 2023
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23:26Now PlayingPresident Joe Biden is expected to announce a new set of actions to protect student loan borrowers.
Biden's remarks follow the Supreme Court's decision to effectively kill the administration's $400 billion relief plan that promised to cancel or reduce student loan debt for millions of Americans.
The 6-3 decision, with conservative justices in the majority, ruled that the Biden administration overstepped its authority with the plan. The court held that the administration needed Congress' endorsement before undertaking so costly a program. The majority also rejected arguments that a bipartisan 2003 law dealing with student loans, known as the HEROES Act, gave Biden the power he claimed.
The forgiveness program would have canceled $10,000 in student loan debt for those making less than $125,000 or households with less than $250,000 in income. Pell Grant recipients, who typically demonstrate more financial need, would have had an additional $10,000 in debt forgiven.
Twenty-six million people had applied for relief and 43 million would have been eligible, the administration said. The cost was estimated at $400 billion over 30 years.
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