The U.S. Supreme Court last week heard oral arguments in two separate cases challenging President Joe Biden’s student debt forgiveness program.
Before a judge in Texas declared the plan illegal in November, tens of millions of borrowers could have applied for up to $20,000 in student loan forgiveness. Those who earned less than $125,000 per year, or $250,000 per household, were eligible to receive $10,000 in cancellation, and those who met the income criteria and received a Pell Grant were eligible for up to $20,000 in cancellation. The plan also included an extended pandemic-related pause on repayments active through June 30, 2023, or until the court cases are resolved.
