Millions of student loan borrowers could see up to $20,000 of their debt canceled, depending on the high court's decision.
The Supreme Court will hear arguments Tuesday around President Biden's federal student loan relief plan.
The president, who once doubted his own authority to broadly cancel student debt, first announced the program in August. Republican-led states and lawmakers in Congress, as well as conservative legal interests, are lined up against the plan as a clear violation of Biden’s executive authority. Democratic-led states and liberal interest groups are backing the Democratic administration in urging the court to allow the plan to take effect.
Nebraska and other states that sued say the plan is not necessary to keep the rate of defaults roughly where it was before the pandemic. The 20 million borrowers who have their entire loans erased would get a “windfall” that will leave them better off than they were before the pandemic, the states say.
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Supreme Court weighs Biden student loan plan worth billionsThe Supreme Court is taking up a partisan legal fight over President Joe Biden's plan to wipe away or reduce student loans held by millions of Americans.
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