Fox News correspondent Jacqui Heinrich pressed President Biden why he gave 'false hope' to millions of American borrowers who believed they would receive a student loan debt handout.
"The Secretary’s plan canceled roughly $430 billion of federal student loan balances, completely erasing the debts of 20 million borrowers and lowering the median amount owed by the other 23 million from $29,400 to $13,600," Chief Justice John Roberts wrote for the majority."Six States sued, arguing that the HEROES Act does not authorize the loan cancellation plan. We agree."
The Supreme Court struck down the Biden administration's student loan handout that would have cost taxpayers over $400 billion., D-Calif., who said in July 2021,"People think that the President of the United States has the power for debt forgiveness. He does not." The order, dubbed the HEROES Act, involved federal government providing up to $10,000 in debt relief — and up to $20,000 for Pell Grant recipients — for people who make less than $125,000 a year.Biden made the unprecedented push for debt cancelation in August 2022 over Republican objections, and his administration accepted some 16 million applications before the program was put on hold for judicial review.
Republicans argued Biden lacked the authority to unilaterally forgive student loans. Estimates from the Congressional Budget Office said Biden's plan would cost taxpayers roughly $400 billion. Republicans were outraged at the total, arguing the forgiveness would be unfair to those who either paid their way through college, repaid their loans or never attended college in the first place.
President Biden previously doubted his authority to implement student loan handouts with his"pen" back in February 2021.
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