The United States Supreme Court is now deciding the fate of President Biden's action to cancel unspecified amounts of student debt, a measure which applies to those who meet certain criteria such as income limits. If enacted, this plan could potentially forgive a borrower up to $20,000 in debt. Approximately 26 million Americans have applied to the program, including 1.2 million citizens from New Jersey, who currently have the 12th highest loan burden in the country.

Though the initiative has been met with upbeat approval from many quarters, there has been resistance from some. It has been accused of going beyond the president's authority and of depriving states of their future tax revenue. Some have argued with disapproval that students who receive the debt relief will benefit from their college education for the rest of their lives.

Yet, one perspective missing from the debate is that families with financial stability are more able to invest in 529 plans,