The Blubber

U.S. President Joe Biden's will cancel $39 Billion in student loan debt for more than 804,000 borrowers.

Borrowers will be eligible for forgiveness if they have made either 20 or 25 years of monthly IDR payments, the department said.

"These borrowers will join the millions of people that my administration has provided relief to over the past two years – resulting in over $116 billion in loan relief to over 3 million borrowers under my administration," Biden said in a statement.

The Biden administration planned to pardon student loan debt to the tune of $400 billion. Finally, a decision has been made by the Supreme Court, ruling 6-3 against it.

Under the plan, millions of Americans would have reduced or cancelled student loan debt. These repayments are expected to resume by late summer now that the Supreme Court has ruled against the loan forgiveness program.

The initial proposal was to erase federal student loan debt worth $10,000 for borrowers earning below $125,000 annually. This would also apply to households making below $250,000.

In addition, the plan would also cover the same amount for those who attended college while also having received Pell Grants. Chief Justice Roberts gave a statement regarding the decision.

Chief Justice John Roberts: “(The) state courts retain the authority to apply state constitutional restraints when legislatures act under the power conferred upon them by the Elections Clause. But federal courts must not abandon their own duty to exercise judicial review.”