UNITED STATES — The US Supreme Court has blocked President Joe Biden's $400 billion proposal to cancel or reduce federal student loan debts.
The court felt that the Biden administration had overstepped its authority and would have needed presidential backing from Congress to undertake the costly program.
The student loan forgiveness program would have canceled or reduced debt for millions of Americans; however, conservative justices overturned the law, leaving borrowers to repay their debt as of this fall.
Interest is set to begin accruing in September, further adding to the debt burden of many Americans. Advocacy groups have condemned the decision while calling on the Biden administration and Congress to address the issue.
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