Supreme court strikes down loan forgiveness leaving many feeling disappointment
WICHITA, Kan. (KAKE) - Many are disappointed after the Supreme Court strikes down loan forgiveness.
"I'm becoming an adult and having to figure out how I'm going to spend my money and budget wisely and having the loans on top of that just makes it so much harder," said soon to be WSU freshman Abby Everts.
The 6 to 3 Supreme court ruling will prevent more than 40 million people from receiving loan forgiveness. According to Professor of Political Science Russell Arben Fox of Friends University, President Biden was making use of a law that dates back to 2003 where he had authority to cancel or at least order the Secretary of Education to cancel up to 10 to 20 thousand dollars in student loan debt.
Fox said this could have been a good move for the economy. In lieu of paying loans, people could have started investing their money in other things like purchasing vehicles, taking care of their credit card debt, or making home purchases.
Fox added that the Supreme Court's argument against student loan forgiveness was a stretch.
"They pointed to the fact that these loans were being handled by a particular financial body and that financial body was going to benefit from fees that people have to pay while they pay down their loans," said Fox.
Friday's decision has left many current students and those who have been out of school for quite some time disappointed but the president is not giving up. Biden said his new plan is legally sound but may take some time.