The US Supreme Court has blocked President Joe Biden’s plan to cancel $430 billion (€394 billion) in student loans. 26 million American debtors have applied for forgiveness since Biden announced the plan in August 2022. Only low-to-moderate-income Americans could claim on the plan and the maximum forgiveness limit was $20,000 (about $18,300) per borrower.
Republican-led states of Arkansas, Iowa, Kansas, Missouri, Nebraska and South Carolina have requested that the court block Biden’s plan. They had the support of six conservative court justices. The three Liberal justices voted against the block.
With his plan, Biden wanted to fulfill his 2020 campaign promise. At the time, the Democrat proposed canceling part of the $1.6 trillion (€1.47 trillion) in outstanding federal student loans. Republicans criticized the plan, among other things, arguing that the exemption would give highly educated people an unfair advantage over people without a student loan. They often have other debts, but they will not be forgiven.
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