How the Recent Supreme Court Ruling on Student Debt Forgiveness Impacts on Borrowers
By Giselle Castaneda and Dr. Benjamin M. Drury
The Supreme Court’s ruling against Joe Biden’s student debt forgiveness plan will have a significant impact on the stability of millions of borrowers who were hoping for relief. The decision means that these borrowers will not receive the debt forgiveness they were counting on, which can have far-reaching consequences for their financial well-being and overall stability. In response to accusations of failing to deliver on his promise, Biden deflected the blame onto Republicans, highlighting what he perceives as their hypocrisy. He pointed to the higher cost of the paycheck protection program approved by Republicans in 2020, which provided loans to businesses and allowed loan forgiveness. Biden argues that Republicans did not hesitate to support such loan forgiveness when it benefited businesses, including some members of Congress. However, when it came to providing relief to hard-working Americans burdened by student loan debt, Republicans obstructed and opposed the plan. Contrast between loan forgiveness for businesses and the resistance to student debt relief is seen by Biden as evidence of Republican hypocrisy. He argues that Republicans were willing to support loan forgiveness when it served their own interests but obstructed relief when it would have…
