The Cancelations Cancelation – Student Loan Forgiveness
The US Supreme Court has agreed to hear arguments over President Joe Biden’s student loan forgiveness plan on 28 February. Six lawsuits have been filed by Republicans and conservative groups trying to halt the policy, which aims to cancel up to $20,000 in student debt for millions of Americans. Two of these legal challenges have temporarily stopped the President’s plan from going ahead. The Supreme Court will consider lawsuits brought by six GOP-led states, that claim the forgiveness will disrupt state entities that profit from federal student loans. As well as a lawsuit supported by the Job Creators Network Foundation, a conservative advocacy organization featuring two borrowers in Texas are not fully covered by the President’s relief. Legal experts believe that the plan is unlikely to survive the Supreme Court.
The Supreme Court’s decision to hear arguments on the student loan forgiveness plan is significant, as it means that the country’s highest court will decide the policy’s fate. The policy has been controversial, with some arguing that it is an overreach of executive authority and unfair, while others support it to provide relief to millions of Americans struggling with student debt. While the lawsuits have temporarily halted the plan from going forward, the Supreme Court’s ruling will be the final say on the matter. The cases will be argued on 28 February, with a decision expected to be made later in the year. In the meantime, the policy remains on hold.
What do you think about the potential change? And should some student loans remain forgiven?
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I am not a financial advisor and my comments should never be taken as financial advice. Investments come with risk, so always do your research and analysis beforehand.