Supporters of student debt forgiveness demonstrate outside the US Supreme Court on June 30, 2023, in Washington, DC. Olivier Douliery | AFP | Getty ImagesThe Supreme Court on Friday struck down President Joe Biden’s federal student loan forgiveness plan, denying tens of millions of Americans the chance to get up to $20,000 of their debt erased.The ruling, which matched expert predictions given the justices’ conservative majority, is a massive blow to borrowers who were promised loan forgiveness by the Biden administration last summer.The 6-3 majority ruled that at least one of the GOP-led six states that challenged the loan relief program had the proper legal footing, known as standing, to do so.More from Personal Finance:Borrowers brace for student loan payments to resumeMillions of borrowers to have new student loan servicer1 in 5 student loan borrowers may struggle when payments resumeThe high court said the president didn’t have the authority to instruct his Education secretary to cancel such a large amount of consumer debt without authorization from Congress.”‘Can the Secretary use his powers to abolish $430 billion in student loans, completely canceling loan balances for 20 …
