The Supreme Court heard oral arguments on Tuesday in a case that could determine the fate of student loan forgiveness. The case centers on the U.S. Department of Education’s attempt to cancel $1.7 billion in student loan debt for more than 400,000 borrowers.
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Supreme Court Decision on Student Loan Forgiveness Could Impact Borrowers, Lenders, and Federal Budget
The Court’s decision could have a major impact on the future of student loan debt in the United States. At the heart of the case is a dispute over the legality of the Department of Education’s proposed student loan forgiveness plan.
The Department had sought to cancel the debt for borrowers who had taken out loans between 1996 and 2006, but the plan was challenged in court by a group of lenders and loan servicers. The Supreme Court’s decision could have far-reaching implications for borrowers, lenders, and the federal government.