Student debt forgiveness heads to the Supreme Court—here's what borrowers need to know (via CNBCMakeIt)
Activists and students protest in front of the Supreme Court during a rally for student debt cancellation in Washington, DC, on February 28, 2023.against and for President Joe Biden's student debt forgiveness plan.up to $10,000 per borrower last August. Many were encouraged by how quickly the application for forgiveness rolled out, with 26 million borrowers applying during the few weeks the website was live.as federal judges in Texas and St.
However, a Republican-nominated federal judge in St. Louis originally dismissed one of the lawsuits, known as Biden v. Nebraska. This suit, brought by six states — Arkansas, Iowa, Kansas, Missouri, Nebraska and South Carolina — argues that the president does not have the power to cancel debts and their state revenues would be hurt as a result of the forgiveness plan.
"It's interesting that we've seen other courts, which are not seen as liberal courts, side with the president," Persis Yu, deputy executive director at Student Borrower Protection Center, told CNBC Make It in November. "I think it's through a very extraordinary reading of standing law and the authority of the courts that they came to this decision.
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