The Blockchains FinanceSupreme Court on Friday invalidated President Biden's student loan forgiveness plan, derailing a major campaign pledge from the president and denying relief to 40 million Americans who stood to benefit from the program.
In a 6-3 decision, the court's conservative majority found that federal law does not authorize the program to wipe out nearly half-a-trillion dollars in debt.
The Supreme Court said in Biden v. Nebraska that Missouri, one of the six states that challenged the lawfulness of the plan, had the legal standing to sue, enabling the court to consider whether the secretary of education had the power to forgive student loan debt under a law known as the HEROES Act.
In a separate opinion, the Supreme Court unanimously said a pair of borrowers who challenged the program lacked standing, and tossed out their challenge.
Read the opinion in the cases, Biden v. Nebraska and Department of Education et al v. Myra Brown here:
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