For borrowers around the country, the Supreme Court ruling that struck down President Joe Biden’s student loan cancellation plan has brought bitterness and frustration
Whitney Jean Alim, a 27-year-old educator in Chicago, dreamed of buying a house sooner with the room in her budget from President Joe Biden’s student loan cancellation plan. It would have cut in half the $40,000 she owes on loans taken out for college and a master’s degree.
On Friday, the U.S. Supreme Court struck down the forgiveness plan, dashing the hopes of Alim and millions of other borrowers who were expecting their student debt would be reduced or wiped out entirely.
“Literally this morning, I felt like: ‘Damn, I just lost $20,000,’” said Alim, who learned of the decision from a reporter.
For borrowers around the country, the ruling brought bitterness and frustration, even for those who anticipated the plan’s rejection by the conservative justices. Some fought back feelings of despair.
The student loan forgiveness program would have eliminated $10,000 in debt for those making less than $125,000. Households earning less than $250,000 were also eligible. Pell Grant recipients would have had an additional $10,000 in relief. Forty-three million borrowers would have been eligible, the administration said.
Conservative opponents of the debt relief objected to the cost, estimated at $400 billion over 30 years, and said it was unfair to Americans who had already repaid their debt or did not go to college. Supporters of Biden’s plan said it would boost the economy and narrow the racial wealth gap, given the disproportionate amount of student debt held by borrowers of color.
Brittany Bell Surratt, of Washington, D.C., said she wasn’t surprised at the court’s ruling.
