SCOTUS To Decide on , Student Loan , Forgiveness Program.
SCOTUS To Decide on , Student Loan , Forgiveness Program.
The U.S. Supreme Court will hear arguments in consideration of the fate of President Joe
Biden's program on Feb. 28. .
Two cases are to be argued before the Court.
One case was initiated by six different states, which seek to challenge Biden's plan as unlawful.
The other case was brought by two individuals, who both hold student loan debt.
The program to forgive student loans for borrowers was announced by the Biden administration in Aug. 2022.
It would provide tens of millions of borrowers with debt relief up to $20,000.
All single borrowers with an annual salary under $125,000 would receive $10,000 in relief.
Joint tax filers with an annual salary under $250,000 would receive the same benefit.
Those who received Pell Grants would receive an additional $10,000 in debt relief.
Pell Grants are available to low-income students.
The plan received immediate backlash from Conservative members of Congress.
The six to three conservative majority of the Supreme Court has also expressed skepticism of the plan.
According to a nonpartisan estimate, the student debt relief plan could cost up to $400 billion