Whitney Jean Alim, a 27-year-old educator in Chicago, dreamed of buying a house sooner with the room in her budget from President Joe Biden's student loan cancellation plan. It would have cut in half the $40,000 she owes on loans taken out for college...
On Friday, the U.S. Supreme Court struck down the forgiveness plan, dashing the hopes of Alim and millions of other borrowers who were expecting their student debt would be reduced or wiped out entirely.
Conservative opponents of the debt relief objected to the cost, estimated at $400 billion over 30 years, and said it was unfair to Americans who had already repaid their debt or did not go to college. Supporters of Biden’s plan said it would boost the economy and narrow the racial wealth gap, given the disproportionate amount of student debt held by borrowers of color.
Nicholas Richard-Thompson, a communications coordinator for the mayor’s office in Aurora, Illinois, was at his desk when he saw a student loans news alert flash across his phone. Although he was not surprised by the ruling, it left him feeling defeated. Advocacy groups supporting debt cancellation condemned the decision while demanding Biden find another avenue to fulfill his promise of debt relief. Biden, who had promised debt forgiveness during his campaign for president, was expected to announce new measures to protect student loan borrowers later on Friday.
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