Here's how the Supreme Court blocking President Biden's student loan forgiveness plan will affect borrowers and student loan payments.
for those earning less than $125,000 a year or couples who file taxes jointly and earn less than $250,000 annually. Pell Grant recipients, who are the majority of borrowers, would have been eligible for an additional $10,000 in debt relief.
Chief Justice John Roberts, writing for the conservative majority, said the Biden administration went too far in its approach. Roberts added that such a large-scale program first"requires that Congress speak clearly before a department secretary can unilaterally alter large sections of the American economy.""The statute, read as written, gives the Secretary broad authority to relieve a national emergency's effect on borrowers' ability to repay their student loans," she wrote.
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