Supreme Court ruling on student debt will 'devastate' borrowers. No, cancellation would 'punish' poor Americans. Who’s right?

The Supreme Court on Friday struck down the Biden administration’s plan to cancel student-loan debt, giving opponents and proponents of loan forgiveness the chance to square off again on a debate that’s gripped Americans for months.

— The Heritage Foundation, a conservative think tank Draeger’s comments were just one example of the chorus of voices, each with their own take on how student-loan cancellation would have been a boon or a disaster for millions of Americans. House Speaker Kevin McCarthy, a Republican, said Biden’s forgiveness went against working families: “The President of the United States cannot hijack 20-year-old emergency powers to pad the pockets of his high-earning base and make suckers out of working families who choose not to take on student debt,” he said Friday. “The Court’s decision today deals a heavy blow to Democrats’ distorted and outsized view of executive power.

“The administration’s debt-relief plan met the urgency of the moment and restored the promise that higher education should lead to greater opportunity, not lifelong mountains of debt,” Bass added. “Stopping this plan in its tracks will only prolong the student-debt crisis. And it prevents millions of Americans from improving their financial security and creating a foundation for upward economic mobility.

His first takeaway: The aggregate dollar amount of debt relief could be misleading. “The $20,000 of relief afforded to Pell recipients costs about the same amount, on a per-borrower basis, as the $10,000 in relief afforded to the non-Pell group because of differences in how much Pell students owe and their expected ability to repay,” Looney wrote.

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