The Supreme Court voted to strike down President Joe Biden’s student loan forgiveness plan on Friday, putting an end to a plan that could have wiped over $400 billion in student loan debt for some 42 million Americans. In a 6 to 3 dissenting vote, the opinion of the conservative justices prevailed, declaring Biden’s plan to forgive up to $20,000 in debt for some borrowers unconstitutional. according to a report by Time Magazine, “The Secretary asserts that the HEROES Act grants him the authority to cancel $430 billion of student loan principal. Now, borrowers can expect their student loan interest to resume on Sept. 1. Payments will start to be due in October, as the debt ceiling deal signed on June 3 prevents the Biden Administration from extending the student loan debt moratorium without Congressional approval.

Source: Nigerian Tribune July 03, 2023 09:42 UTC