Biden Has Canceled About $127 Billion of Student Loans Despite Supreme Court Ruling. Here’s How.
Listen to article(2 minutes)More than three million borrowers have had $127 billion of their federal student loans flagged for cancellation, despite a Supreme Court ruling in June that blocked relief for millions more student-loan holders. The high court ruled that the Biden administration couldn’t cancel hundreds of billions of dollars for tens millions of student-loan holders, reasoning that the authority for such a broad-based policy doesn’t exist under the law. While that closed one path, Biden tapped a variety of different tools that no previous president had ever used to this extent.Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8