The Supreme Court met Feb. 28 to hear two cases challenging President Joe Biden's student loan forgiveness plan—cases that put promised relief for millions of Americans at risk.
In August, Biden announced that the federal government would repay up to $10,000 in student loans for borrowers who earned less than $125,000 during the pandemic and up to $20,000 for those who received Pell Grants. About 26 million borrowers have applied for debt forgiveness so far, although legal challenges to the plan resulted in the Department of Education halting relief applications in November 2022.
During the court hearings, conservative justices argued that the Biden administration is overstepping its authority in broadly canceling federal student loans because of the COVID-19 pandemic. Justices heard three hours of arguments, with early reports indicating that the Supreme Court appears ready to sink Biden's forgiveness plan.
While the fate of Biden's plan is unknown, one thing is certain, industry insiders contend: The case puts a spotlight on the massive toll of student loan debt afflicting Americans, highlighting a need for additional support from employers. It's also likely that the Supreme Court case—no matter the outcome—will heighten interest in student loan repayment benefits.
"The nationwide conversation that this news has sparked is reigniting the push for workplace programs that help employees navigate their student loans, which are a massive financial burden on countless...
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