The presiding judge of the Supreme Court points to the high cost, which is estimated at $400 billion over 30 years. With such a sum, Congress would have to decide.
Several US Supreme Court justices are skeptical of US President Joe Biden’s plan to waive millions of Americans’ student loans. At a hearing on Tuesday local time, Supreme Court Chief Justice John Roberts referred to the high cost of the project. They will be valued at $400 billion over 30 years. If so much money is spent, the US Congress must decide, said Roberts.
He belongs to the conservative majority of the court. Other conservative judges also expressed concerns that the Democratic-led US government is exceeding its powers by partially waiving student loans. Biden’s project is currently being blocked by lower courts. The US government had extended a moratorium on loan repayments until the middle of the year and went to the Supreme Court to break the judicial deadlock on the project.
Tuesday’s hearing lasted more than three hours. A decision is expected by the end of June. Biden announced debt relief in August. Because of the high cost of studying and the high cost of living in the United States, many Americans take out a loan and start their careers heavily in debt. Biden’s plan is to partially waive student loan repayments if the annual salary of those affected is below a certain threshold.
According to the government, the scheme could put 20 million college-educated people out of debt – whether they have graduated or not. With the partial debt relief, Biden wants to implement an important campaign promise.