(BBC News) The U.S Supreme Court has struck down President Joe Biden’s proposal to wipe out billions in student debt.
The 6-3 ruling effectively cancels the plan, which would have forgiven about $10,000 per borrower — and up to $20,000 in some cases.
The decision affects the loans of more than 40 million U.S. residents.
It has left the U.S. public “angry,” Biden said. He pledged to put in place new measures to reduce university debt using other existing laws.
The loan-forgiveness plan has been in limbo since some conservative states sued, arguing the president overstepped his authority. The Supreme Court agreed.
The total federal student debt has more than tripled over the past 16 years, rising from about $500 billion in 2007 to $1.6 trillion today.