The Supreme Court rejects Biden's plan to wipe away $400 billion in student loans

The 6-3 decision, with conservative justices in the majority, effectively killed the $400 billion plan, announced by President Joe Biden last year, and left borrowers on the hook for repayments that are expected to resume by late summer.

"Six States sued, arguing that the HEROES Act does not authorize the loan cancellation plan. We agree," Chief Justice John Roberts wrote for the court. Loan repayments are expected to resume by late August under a schedule initially set by the administration and included in the agreement to raise the debt ceiling. Payments have been on hold since the start of the coronavirus pandemic more than three years ago.

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