What the Supreme Court's student loan forgiveness ruling means for you, according to experts

President Biden's $400 billion dollar student debt relief plan in a 6-3 vote on Friday. Over 40 million federal student loan borrowers would have qualified for some debt cancellation under the plan, and an estimated 20 million borrowers would have had their remaining balanceBiden’s plan, which was announced last August, would have canceled up to $10,000 in federal student loan debt for all borrowers making less than $125,000 per year whose loans are owned by the Department of Education.

In Biden v. Nebraska, in a 6-3 vote with conservative justices in the majority, the court ruled in the states’ favor — bringing an end to the president’s student debt relief plan. The court unanimously voted in Biden’s favor in Department of Education v. Brown, concluding that the plaintiffs didn’t have legal standing.regardless of the Supreme Court's decision, with interest resuming on Sept. 1 and payments due starting in October.

If the Biden administration or any future administration wants to cancel or relieve former students of their debt, it will require new legislation. So this punts things back to Congress. The Biden administration can't really do it administratively, as they had hoped.

The difference was that in the Brown case, the plaintiffs were loan recipients who were not going to benefit as much under the Biden administration program, and the court said that's not enough of an injury to satisfy the requirement for legal standing.

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