The U.S. Justice Department filed a brief with the Supreme Court late on Wednesday defending President Joe Biden's plan to cancel billions of dollars in federal student loans, arguing that two cases lacked standing to challenge the debt relief.
$10,000 in student loan debt for borrowers
The Biden administration estimates that up to 40 million people are eligible for the relief, giving them resources to buy a car or a home or start a family. Republicans insist the plan, estimated to cost about $400 billion, will fuel inflation, which hit 9% last summer but has eased somewhat since then.
The HEROES Act gave the secretary of education the authority to make changes to any provision of applicable student aid program laws after the Sept. 11, 2001, attacks to alleviate hardships caused by national emergencies. Delinquency and default rates would spike above pre-pandemic levels without relief for lower-income borrowers, the brief said. Householders were also facing "acute inflationary pressures," one of the sources said.
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