The Supreme Court’s decision has significant implications for millions of student borrowers who were hoping for debt relief from the Biden administration. The decision effectively ends any possibility of widespread student loan forgiveness through executive action unless Congress passes new legislation or amends the HEROES Act.
The decision also has political ramifications for Biden and his party, who had campaigned to reduce student debt and expand access to higher education. The decision could disappoint and alienate many of their supporters, especially young voters and people of color who are disproportionately affected by student debt.
The decision could also have economic consequences for the country as a whole, as student debt remains a major burden for many households and a drag on consumer spending and economic growth. Some economists have argued that canceling student debt would boost GDP, create jobs and increase tax revenue.
However, some critics of student loan forgiveness have argued that it would be unfair to taxpayers who did not attend college or paid off their loans already. They have also argued that it would encourage more borrowing and tuition inflation in the future.
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Readers Bureau, Contributor
Edited by Jesus Chan
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