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2:40Now PlayingCollege fail: Student loan debt skyrockets | JUST THE FAQS
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2:40Now PlayingStudent loan debt is at an all-time high, leaving 45 million Americans in the hole. Is college really worth it?
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A federal appeals court ruled against President Joe Biden's $400 billion student loan forgiveness program, declining to halt a lower court's ruling that invalidated the effort and teeing up the latest dispute over the controversial debt relief effort likely to be appealed to the Supreme Court.
The brief order from the New Orleans-based U.S. Court of Appeals for the 5th Circuit let stand a lower court ruling that had blocked the program's implementation. In response to a barrage of lawsuits, the Biden administration had already extended a pause on student loan payments until as late as June 30, 2023.
The lawsuit was filed by the conservative-leaning Job Creators Network Foundation, which describes itself as "a nonpartisan organization founded by entrepreneurs who believe the best defense against bad government policies is a well-informed public." U.S. District Judge Mark Pittman ruled that the debt relief effort violated the law and he blocked its implementation nationwide.
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