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Supreme Court Strikes Down Biden's Student Loan Forgiveness Plan
Landmark Ruling Leaves Millions of Borrowers in Limbo
In a major setback for the Biden administration, the Supreme Court on Friday struck down the president's massive student loan forgiveness plan. The 6-3 ruling holds that the plan, which would have canceled up to $20,000 in federal student debt for millions of Americans, exceeded the authority of the executive branch.
The decision comes as a blow to President Biden, who had made student loan forgiveness a central promise of his campaign. The plan was designed to provide relief to borrowers who have been struggling to repay their loans, particularly during the COVID-19 pandemic.
Implications for Borrowers
The Supreme Court's ruling leaves millions of student loan borrowers in limbo. Those who were eligible for loan forgiveness under the plan will no longer be able to access the relief, and they will have to continue making payments on their loans.
The ruling is also a major setback for the Biden administration's efforts to address the student loan crisis. The plan was seen as a way to reduce the burden of student debt for millions of Americans, and the Supreme Court's decision means that those efforts will have to be reconsidered.
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