"Frustrated" student loan borrowers know they'll have payments coming up
PHILADELPHIA (CBS) -- Loan payments are set to resume later this year after a pandemic pause. Friday's ruling comes as a blow to millions of borrowers who were hoping for help as everything costs more these days.
Julia Schumacher's graduation from Philadelphia College of Osteopathic Medicine with a graduate degree came with some expectation there'd be help from the federal government with her seven years' worth of loans.
"I wasn't really sure how to react. It was immediate frustration, immediate, just spiraling of thoughts," Schumacher said. "I had a lot of plans after graduation and to know that I'm gonna have payments coming up soon of the government loans and my interest building up over the years. Yeah, I'm not even sure, I'm just frustrated, a little sick to my stomach."
Like millions of others, this Mullica Hill graduate will now have to cover that debt. A 6-3 Supreme Court ruling found the President's $400 billion was an overreach of executive power.
Dissenting justices strongly argued the Department of Education's plan to wipe out student debt was legally sound.
"The one thing that you hoped was for a little compassion," Shakir Hudson said.
She says the court's decision was blindsiding, setting up financial challenges as well questions about the court itself.
"The law is the law, even though, you know we we all know that the law can kind of be a malleable," Hudson said. "Depending on the situation but with the Supreme Court the law was supposed to be the law."
Conservatives are demanding Congress address soaring college costs.
Trish Pisauro's son graduated from La Salle and says the school recently adopted what's called a right-size tuition model.
"They tried to make the tuition look like what the real cost was and so I think that is super important, because a lot of tuition, I think, are inflated and then they give these nominal scholarships so that kids feel like they're getting something."
