After SCOTUS strikes down Student Loan Forgiveness program, students say they'll suffer hardship
The ruling means 40 million Americans who stood to have thousands of dollars in debt wiped away will now have to pay up.
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The ruling means 40 million Americans who stood to have thousands of dollars in debt wiped away will now have to pay up.
Federal loan payments have been on hold since the start of the pandemic, but now borrowers will have to resume payments. CBS 2's Charlie De Mar reports.
"We'll use every tool at our disposal to get you the student debt relief you need to reach your dreams," President Biden said.
A sharply divided Supreme Court ruled in a 6-3 decision that the Biden administration overstepped its authority in trying to cancel or reduce student loans. This leaves borrowers on the hook for payments that are expected to resume in October. CBS 2's Marissa Perlman reports.
Many new college grads need to to devise a plan to pay off student debt while also considering their healthcare and retirement investment options. CBS News Business Analyst Jill Schlesinger has some tips.
The Department of Education mistakenly sent out about 9 million of those last month.
In their appeal, attorneys for several Republican-led states said the plan will irreparably harm their states' student loan programs.
