The Supreme Court ruled Friday that the Biden administration cannot go forward with its student loan debt handout program.
In a 6-3 decision, the court held that federal law does not allow the Secretary of Education to cancel more than $430 billion in student loan debt.
"The Secretary’s plan canceled roughly $430 billion of federal student loan balances, completely erasing the debts of 20 million borrowers and lowering the median amount owed by the other 23 million from $29,400 to $13,600," Chief Justice John Roberts wrote for the majority. "Six States sued, arguing that the HEROES Act does not authorize the loan cancellation plan. We agree."
President Biden strongly disagrees with the court's decision and will make an announcement later today detailing new actions to protect student loan borrowers, a White House source told Fox News Digital.
