(Washington Insider Magazine) -It felt like Christmas when President Biden announced the student loan forgiveness ruling coming out to Americans in 2022. The federal student loan website crashed under the amount of clicks and requests as many tried to find financial relief in one of the worst recessions and times of economic downturn in history.
The result? The president ended up walking back his claim of forgiveness, with several constitutional experts and lawmakers stating that he had no right to offer such a thing in his tenure.
What does this mean for student loan forgiveness in 2023?
Will there still be student loan forgiveness in 2023?
The fight for student loan forgiveness may not be over. The Supreme Court has made a statement, confirming that they will be reviewing the student loan cancellation program introduced by the Biden Administration.
Oral arguments are expected to be heard in the SCOTUS February in-session, much to the dismay of the fiscally conservative party.
With over 25 million applicants counting on this form of debt relief, the Biden Administration is under a heavy weight to offer some sort of alternative or solution as the inflation crisis continues.
As of right now, SCOTUS agreed to take on the hearing as part of an expedited ruling process. They did not initially plan to hear arguments for the case until the escalation occurred in the fall season of 2022.
Student loan forgiveness calculator: How much will I get?
The program is exceptionally generous, and has caused eyebrows to raise, as such. As it stands, the program would allow for up to $10,000 in canceled loans for those making up to $125,00 annually or $250,000 for those who are legally married – similarly to how the COVID benefits were determined and executed. For those who had a Federal Pell Grant associated with their account, the forgiveness amount was drafted to double – up to $20,000.
While hundreds of thousands took to social media to share their excitement for the first presidential promise showing follow through, the same number voiced their concerns – stating that the move likely exceeded what President Biden could promise in his current status.
Unfortunately, many legal authorities have said that the program doesn’t look promising. As this was one of the President’s major promises made during the election, many liberals have taken to socials to say that if the expectations are not met, they may switch party affiliation.
