The U.S. Supreme Court has blocked President Joe Biden’s plan to cancel or reduce federal student loan debt for millions of Americans.
In a 6-3 vote, the high court shut down the proposed plan that would have allowed U.S. Secretary of Education Miguel Cardona to cancel more than $430 billion in student loan debt.
It’s estimated 1 in 8 Americans will have to restart loan payments as soon as September.
On Friday’s edition of “Closer Look,” Usha Rackliffe, a legal expert and an associate professor in the practice of accounting at Emory University, talked with show host Rose Scott about the implications of the ruling and what steps borrowers should take to prepare for repayment.
In his reaction to the Supreme Court’s decision, President Biden said via Twitter, “Unthinkable. This fight isn’t over.” However, Republican lawmakers are celebrating the decision.
