Over 40 million student-loan debtors now owe $1.6 trillion in outstanding loans – as the Supreme Court is set to decide whether the Biden administration’s plan to cancel the debt is legal.
As the Supreme Court is set to make a decision on whether the Biden administration’s plan to cancel student loan debt is legal, one U.S. senator has called for urgent action.
There are currently over 40 million student debtors. While they were not required to make repayments on their federal student loans due to a pause on payments first enacted by former President Donald Trump, they now owe $1.6 trillion in outstanding loans, according to the New York Fed, as of the first quarter of this year.Meanwhile, the Biden administration has proposed cancelling up to $20,000 in student-loan debt for a wide swathe of borrowers.
The administration has said neither of the parties have standing to bring the case. Officials have also argued that the Department of Education has the authority to carry out the debt-relief plan. Under the HEROES Act of 2003, the administration argues, the Secretary of Education can “waive or modify” any student-loan programs during national emergencies.
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