Twenty-six million people have applied and 16 million have been approved to have up to $20,000 in federal student loans forgiven, the Biden administration says. The program is estimated to cost $400 billion over 30 years.
Without it, loan defaults would dramatically increase when the pause on loan payments ends no later than this summer, the administration says. Payments were halted in 2020 as part of the response to the coronavirus pandemic. Dozens of borrowers came from across the country to camp out near the court on a soggy Monday evening in hopes of getting a seat for the arguments. Among them was Sinyetta Hill, who said that Biden's plan would erase all but about $500 of the $20,000 or so she has in student loans.
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