JULY 5, 2023:
WASHINGTON (AP) — The reprieve is over. Just as the American economy is struggling with high inflation and interest rates, the coming resumption of student loan payments poses yet another potential challenge. The restart of those payments will force many people to start paying hundreds of dollars in loans each month — money they had been spending elsewhere for the past three years. Their pullback in spending on goods and services won’t likely make a serious dent in the $26 trillion U.S. economy, the world’s largest. Any pain instead will likely be concentrated in a few industries, notably e-commerce companies, bars and restaurants and some major retailers.
MARCH 1, 2023:
WASHINGTON (AP) — Arguments at the Supreme Court over President Joe Biden’s student debt cancellation left some borrowers feeling isolated as they heard such a personal subject reduced to cold legal language. Borrower Niara Thompson had a seat in the audience and was surprised to hear lengthy discussion about the definition of words like “waive” and “modify.” Debt is a deeply personal issue for Thompson, who will graduate from the University of Georgia with about $50,000 in student debt. It’s not unusual for Supreme Court cases to hang on legal technicalities, but some borrowers say they feel like the arguments miss the bigger picture around college affordability.
FEBRUARY 28, 2023, UPDATE:
WASHINGTON (AP) — Conservative justices holding the Supreme Court’s majority seem likely to sink President Joe Biden’s plan to wipe away or reduce student loans held by millions of Americans. Chief Justice John Roberts led his conservative colleagues Tuesday (Feb. 28, 2023) in questioning the administration’s authority to broadly cancel federal student loans because of the COVID-19 emergency. The plan has so far been blocked by Republican-appointed judges on lower courts. The Biden administration says 26 million people have applied and 16 million have been approved to have up to $20,000 in federal student loans forgiven. The program is estimated to cost $400 billion over 30 years.
FEBRUARY 28, 2023, UPDATE:
WASHINGTON (AP) — The Supreme Court is taking up a partisan legal fight over President Joe Biden’s plan to wipe away or reduce student loans held by millions of Americans. The high court, with its 6-3 conservative majority, began haring arguments on Tuesday (Feb. 28, 2023) in two challenges to the plan. So far, Republican-appointed judges on lower courts have blocked the plan. Arguments are scheduled to last two hours, but likely will go much longer. The Biden administration says 26 million people have applied and 16 million have been approved to have up to $20,000 in federal student loans forgiven. The program is estimated to cost $400 billion over 30 years.
FEBRUARY 28, 2023:
Extended version:
Comments