Supreme Court rules against Biden student loan debt handout. If you want to play you gotta pay. The Democrats are already screaming. They’re not having a good week at SCOTUS.
The Supreme Court ruled Friday that the Biden administration cannot go forward with its student loan debt handout program.
In a 6-3 decision, the court held that federal law does not allow the Secretary of Education to cancel more than $430 billion in student loan debt.
“The Secretary’s plan canceled roughly $430 billion of federal student loan balances, completely erasing the debts of 20 million borrowers and lowering the median amount owed by the other 23 million from $29,400 to $13,600,” Chief Justice John Roberts wrote for the majority. “Six States sued, arguing that the HEROES Act does not authorize the loan cancellation plan. We agree.”
This post was last modified on June 30, 2023
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So, during tax season I prepare tax returns at a national chain of tax preparers. I suspect the average American would be amazed at the both the number of conversations I have about student loans and the tenor of those conversations. The vast, VAST majority of people with student loans were angry, pissed, even horrified that Biden was talking about cancelling student loans. Why? Because most of them have been paying on them regularly, many of them even making payments during the COVID moratorium when they weren't required to make payments. Many of them have indeed already paid them off! And now, after doing the right thing all this time, the president is going to forgive the debts of other people who have NOT been doing the right thing? You can see where that might be irritating. Sure, some people do say they hope their debts will be cancelled, but it's a tiny minority. I don't think Biden was going to get the positive reaction he was hoping for with this idea. I think he was just going to piss people off.
Hopefull this will piss off more people than not.