With a mix of grief, disappointment and anger, student loan borrowers absorbed the impact of Friday’s Supreme Court decision striking down President Biden’s sweeping plan to cancel up to $20,000 in federal student loan debt.
Anderson signed up for Biden’s program after a co-worker had all of her student loans forgiven through a different program. She says it gave her hope. “Now that the Supreme Court has rejected the student loan forgiveness, I have no hope,” she said.
Speaking to reporters on June 30, President Biden rebuked the Supreme Court's decision to reject his student loan forgiveness plan He was “disgusted” by Republican politicians saying, in his view, that only rich people benefited from the forgiveness.He added that he doesn’t think full forgiveness is “fair for anybody,” but if banks and corporations can get low-interest rates, students should, too.The $10,000 in forgiveness would have only marginally eased his $1,500 in monthly payments; he wishes the government would require lower interest rates on the student loans.
If he had gotten the relief, he said he would have started looking to buy a home and have children. During the pause on payments, he married his wife in a 30-person wedding, an occasion he wasn’t sure he would have been able to pay for otherwise. He wants to pay off his remaining loans before starting a family.
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