![]() “Not only is there an upfront cost to taxpayers of assuming current student loans, but there are future costs as well.” More reliable estimates, including dynamic estimates which account for incentive effects and behavioral changes, have a price tag north of $1 trillion,” Antoni told The Daily Signal in a written statement. “The Biden administration’s estimated cost for student loan ‘forgiveness,’ which is actually transference, is laughably low. In response, Prelogar argued that the law did not require the government to involve anyone in this process.ĮJ Antoni, a research fellow for regional economics in Heritage’s Center for Data Analysis, weighed in on the implications of canceling student loan debt, especially the cost. In the case, two borrowers who did not qualify for debt cancellation argued that by creating this program in secret and pursuant to emergency powers, the administration denied them the procedural right to participate in the decision-making process. Solicitor General Elizabeth Prelogar, representing the Biden administration, argued that those state entities are not really arms of the states that they serve, and thus, the states cannot sue on behalf of the agencies. That loss of revenue, in turn, could diminish funds available for scholarships and other education programs meant to benefit citizens of those states. “In the case, several states argue that they have standing primarily because if Biden cancels student loan debts, state agencies that the federal government pays to service those loans will lose revenue because they are paid on a per-loan basis,” GianCarlo Canaparo and Fitzhenry of The Heritage Foundation’s Meese Center for Legal and Judicial Studies wrote in a commentary for The Daily Signal, adding: “Ultimately, students should be equipped with the knowledge and certainty that the student loans they take out can be repaid in future employment.” “Breaking up the monopoly of college accreditors and offering students more higher education options, while simultaneously cutting off the open spigot of federal higher education subsidies, is a start,” the Heritage experts added. “If we want to help students deal with the increasing cost of getting a degree, giving a bailout to the very colleges and universities that hike prices is not the answer.” “The astronomical cost to American taxpayers of this ill-conceived program was only surpassed by its unfairness-since it would have punished millions of Americans who dutifully paid off their student loans as well as those who never took out loans in the first place,” Fitzhenry and Burke added. ![]() “They rightly found that this was an issue for Congress, not the administrative bureaucracy, to decide.” (The Daily Signal is The Heritage Foundation’s news outlet.) “The Supreme Court justices halted President Biden’s abuse of executive authority by holding that his plan to cancel student loan debt for 40 million borrowers was unlawful,” Jack Fitzhenry, a Heritage Foundation legal fellow, and Lindsey Burke, director of The Heritage Foundation’s Center for Education Policy, said in a statement Friday. Roberts ruled that “the HEROES Act provides no authorization for the Secretary’s plan even when examined using the ordinary tools of statutory interpretation-let alone ‘clear congressional authorization’ for such a program.” secretary of education the authority to allow military troops to delay their student debt obligations during national emergencies. (HEROES is an acronym for the Health and Economic Recovery Omnibus Emergency Solutions.) The court unanimously denied standing in the Brown case.īiden announced plans last August to cancel $10,000 of debt for individual student loan borrowers who make less than $125,000 per year ($250,000 for households) and to forgive $20,000 of debt for borrowers who received a Pell Grant.īiden’s Education Department relied on a post-9/11 law known as the HEROES Act of 2003 that grants the U.S. Nebraska, 6-3, striking down Biden’s plan. Brown.Ĭhief Justice John Roberts wrote the opinion in Biden v. ![]() ![]() The nation’s highest court heard arguments in February in two cases: Biden v. The Supreme Court struck down President Joe Biden’s student loan “forgiveness” plan Friday. ![]()
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