Student loan debt is a trillion-dollar problem for millions of Americans, and in August 2022, President Joe Biden announced  a plan to help many people who owe money on student loans. The Biden plan would cancel federal student loans of up to $10,000 for those under set income limits, and those who received Pell Grants could potentially have up to $20,000 in debt canceled.

The plan was controversial, though, as opponents noted that the Biden administration took unilateral action without getting Congressional approval. That prompted multiple lawsuits, both from state governments and from student loan borrowers not fully covered by the plan. After lower courts ruled in favor of the plaintiffs, the Supreme Court granted expedited review, hearing arguments in late February 2023.

Image source: Getty Images.

Continue reading

Source Fool.com