Student Loan Relief on Hold:Supreme Court Decision

[Music] welcome to Trend info news if you're one of the 40 million Americans struggling with student loan debt you're probably waiting with baited breath for some relief well today's news might not be what you were hoping for the Supreme Court has just dropped a bombshell putting President Biden's student loan relief plan on hold let's dive into the details so what was Biden's plan essentially it aimed to provide a faster path to loan cancellation and reduce monthly income-based repayments sounds good right but not everyone was on board the plan would have canel up to $20,000 in debt for millions of borrowers extended the pandemic related payment pause reduced monthly payments for income-based repayment plans but the plan was met with resistance from Republicans and some Democrats who argued that it was an executive overreach and that Congress should be involved in the decision-making process the 8th us Circuit Court of Appeals blocked the plan citing concerns about overreach and lack of congressional approval and now the Supreme Court has refused to lift that block this means that the plan is on hold until further notice so what does this mean for you if you're counting on this relief we might be out of luck for now we spoke to students like Sarah who's struggling to make ends meet Sarah said that I'm barely scraping by I thought this plan was my only hope I'm not sure what I'll do if it doesn't go through and Sarah's not alone millions of students are facing similar struggles we also spoke to experts who warned that this decision could have far-reaching consequences experts said that this decision could lead to a surge in defaults and delinquencies it's a perfect storm for a student loan crisis this is more than just a legal battle it's a political Showdown Republicans argue that the plan is an executive overreach while Democrats say it's a necessary step to address the student loan crisis we spoke to lawmakers on both sides of the aisle a republican lawmaker says that pollen this it this is a clear example of executive overreach Congress should be involved in this decision Democratic lawmaker says that t we can't afford to wait the student loan crisis is real and we need to act now so what's next the Supreme Court expects the appeals court to issue a fuller decision soon will Biden's plan survive only time will tell but one thing is certain this decision will have a lasting impact on the lives of millions of Americans so what's next for student loan reform some experts predict that Congress will take up the issue While others say that the Biden Administration will find another way to address the crisis one thing is certain this fight is far from over thanks for watching Trend info news if you're affected by this decision share your story in the comments below don't forget to like And subscribe for more news and updates