Jun 30, 2023 / 04:59 PM EDT
Jun 30, 2023 / 04:59 PM EDT
ALBANY,N.Y. (NEWS10)Millions of Americans who qualified will not be getting student loan debt relief. The Supreme Court of the United States ruled President Joe Biden and the U.S. Department of Education do not have the authority to cancel them.
Youve got to continue to pay your student loans, whether you thought it was a good idea to relieve you of your student loans or not, the Supreme Court has said any authority to do that must come from the legislature, explained Vincent Bonventre, an Albany Law School Professor. There must actually be a statute allowing such a thing.
Biden announces next steps on student loans after Supreme Court ruling
Bidens plan was to cancel at least $10,000 of debt for qualified borrowers. SUNY Chancellor John King, who served as the U.S. Secretary of Education under President Barack Obama, weighed in on the ruling.
It means folks are gonna put off having kids, buying a home, starting a business because of often crushing debt theyre experiencing, said King.
King explained when payments will resume.
Folks will have to start to see interest accrue on their debt come September. And payments will begin in October and remember, a third of the borrowers across the country have debt but no degree.
King is encouraging people to finish their education at SUNY to help them in the economy, and added federal rules allow them to defer payment on that debt.
The Supreme Court rejects Bidens plan to wipe away $400 billion in student loan debt
While some are against this Supreme Court ruling, others like Republican Congresswoman Elise Stefanik support it. She said on Twitter SCOTUS just ruled in favor of our hard-working taxpayers who would have had to carry a tremendous financial burden because of Bidens unconstitutional student loan bailout.
This decision comes right after another Supreme Court case ruled race can no longer be taken into consideration during college admissions.
The first ruling was an attack on getting to college or getting to higher education, and the second ruling is an attack on whats after, said SUNY Student Assembly President, Alexander Ruiz.
If there is a Democratic majority in Congress after the next election, Biden could try to continue his efforts on student loan forgiveness.
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