President Joe Biden’s student loan forgiveness plan promises to cancel a collective sum of $400 billion of debt nationwide. But will his administration be able to deliver on its promises?
Biden’s plan is currently paused as the 8th U.S. Circuit Court of Appeals looks at lawsuits introduced by six conservative states: Arkansas, Iowa, Kansas, Missouri, Nebraska and South Carolina. These states are claiming that student loan forgiveness would harm their tax revenue or state-based loan agencies. While some lawsuits have already been dismissed, the question of legality is still being weighed.
