As decision day draws closer, the fate of this transformative proposal becomes increasingly uncertain.
Beyond its financial implications, the plan carries significant political weight for President Biden, who championed the cause of tackling student loan debt as a key promise during his 2020 campaign, aiming to galvanize younger voters. Among the approximately 30 cases pending before the Supreme Court ends its current term in June, Biden’s debt relief plan is a focal point. The high court’s term traditionally concludes in the last week of June.
In a January filing sent to the U.S. Supreme Court, the Department of Justice said it agreed with President Joe Biden’s plan to forgive student loans. The HEROES Act of 2003, according to the White House, gives the Secretary of Education the authority to forgive student debt. Biden’s plan would forgive federal student loan debt of up to $10,000 for borrowers with yearly incomes less than $125,000 in 2020 or 2021 and up to $200,000 for married couples or heads of households.Six states with Republican governors sued to stop Biden’s plan to forgive debts, an action that led to the 8th U.S. Circuit Court of Appeals putting the plan on hold.
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