On Tuesday, February 27th, the Supreme Court heard arguments on President Joe Biden's plan to forgive up to $20,000 in federal student loans for most borrowers, at an estimated cost of $400 billion. The plan has been blocked by legal challenges from six Republican-led states that argue the president has acted outside of his authority, and the question of whether Biden's plan is legal now rests with the Supreme Court. The government has reported that 26 million borrowers have applied for student loan relief, 16 million of which had had their relief approved.

If the Supreme Court decides the president acted within his authority, the debt cancellation plan could benefit 43 million borrowers overall, with 20 million people having their debt erased entirely. Opponents of the plan argue it an abuse of executive authority that rewards those without need and bypasses Congress. Meanwhile, the White House insists its plan falls comfortably within the plain text of the existing HERO