Will Student Debt Get Canceled? The Supreme Court Decides.

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The Wall Street Journal

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🗓️ 1 March 2023

⏱️ 17 minutes

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Summary

President Biden’s plans to cancel $400 million in student loans are on hold. On Tuesday, the Supreme Court heard arguments on whether the administration had the legal authority to cancel the debt. WSJ’s Andrew Restuccia discusses the arguments for and against the program, and he explains what the decision could mean for borrowers. Further Reading: - Student-Loan Borrowers Likely Won’t Know for Months if Debt Will Be Forgiven - Supreme Court’s Student-Loan Case Will Test Limits of Presidential Power Further Listening: - Breaking Down Student Debt Relief - How Biden Plans to Tackle Student Debt Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	We'll hear argument first this morning in case 2506 Biden versus Nebraska. General
0:10.7	Pyliger. Mr Chief Justice and may it please the court. Yesterday the US
0:17.9	Solicitor General Elizabeth Pre-Logger stood before the nine Supreme Court
0:22.8	Justices. Over the past three years millions of Americans have struggled to pay
0:27.2	rent utilities food and many have been unable to pay their debts. She was
0:34.1	arguing that the administration had the authority to forgive $400 billion in
0:40.0	student debt. I welcome the court's questions. Pre-Logger was defending the
0:45.7	Biden administration's program in two lawsuits. Those cases argue that Biden
0:51.9	overreached his authority when canceling the debt. Now the question of
0:57.4	student debt forgiveness is in the hands of the Supreme Court. How higher the
1:03.6	stakes? They're huge. There's tens of millions of people that have applied for
1:09.5	the program already. About 16 million people have already been approved. Those
1:14.0	approvals would move forward once or if I suppose the Supreme Court allows the
1:19.3	program to stand and of course if they don't all of that work will be for
1:22.2	not and none of this forgiveness will go through.
1:26.4	Welcome to the journal our show about money, business and power. I'm Kate
1:32.1	Leinbach. It's Wednesday March 1st.
1:39.7	Coming up on the show. Does the president have the power to cancel student
1:45.3	debt?
1:49.3	The scientists of today are creating the next big thing. On the Wall Street
2:01.1	Journal's future of everything podcast get an early listen to what tomorrow
2:04.9	has in store. Find us wherever you get your podcasts.
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