Student Loan Debt and the Myth of the Meritocracy

By Afifa Chaudry and Dr. Benjamin M. Drury

When the US Supreme Court has struck down the Biden administration’s plan to forgive $430 billion in student debt, this without a doubt sent shockwaves of anxiety over borrowers who will have to resume loan payments in October. Most borrowers we have spoken with express disappointment, confusion, frustration, sadness, anger, rage, and exhaustion over the ongoing legal dispute playing out in front of their eyes. Supporters of the Biden Administration’s plan to reduce and ultimately remove the burden of financial debt from the shoulders of American families were equally distraught over the news of the ruling. If you were like most of us and had no earthly idea of exactly what the debt relief plan was, what was on the table was the White House had proposed forgiving $10,000 in student debt for certain income thresholds and up to $20,000 for Pell Grant recipients. Using the 2003 Heroes Act, the Biden Administration intended to allocate federal dollars intended to assist in the recovery with the powers granted to the Secretary of Education by the Act to change student aid laws during a national emergency. However, the Supreme Court ruled that the president had “exceeded his executive authority” in a 6–3 decision split along…