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Supreme Court reviews student loan debt handout plan: How it may impact you
Moore: Biden’s student loan handout was never approved by Congress
Former Trump economic adviser Stephen Moore and Macro Trends Advisors founding partner Mitch Roschelle weigh in on the Supreme Court hearing Biden’s student loan case on “The Evening Edit.”
The Supreme Court is set to hear arguments Tuesday in a pair of cases that may determine the fate of President Joe Biden’s student loan debt handout plan and have financial implications for millions of people with student loan debt and American taxpayers.
Justices will hear a pair of challenges to the student loan debt handout, both of which involve questions about whether the Department of Education was authorized by Congress to advance the rule implementing Biden’s plan and followed the proper regulatory procedures. Aside from the statutory and regulatory aspects of the cases, Biden v. Nebraska considers whether six states have the constitutional standing to challenge the rule; Department of Education v. Brown looks at whether two student loan borrowers have standing to bring the challenge.
Biden’s student loan handout plan would cancel $10,000 in federal student loans for individuals making less than $125,000 per year or households earning less than $250,000 annually as of 2020 or 2021. Recipients of Pell Grants – who typically demonstrate greater financial need – would receive an additional $10,000 in debt cancellation. Loans would have to have been disbursed prior to July 1, 2022, to be eligible for the plan.
SUPREME COURT TO HEAR GOP STATE CHALLENGE TO PANDEMIC-RELATED BIDEN STUDENT LOAN DEBT RELIEF PLAN