FOR IMMEDIATE RELEASE
June 30, 2023
Contact: Emma Bittner
(972) 510-3395 | Emma.Bittner@younginvincibles.org
SCOTUS Strikes Down Student Debt Cancellation, Blocking Relief for Millions
(Washington, DC) – Today, the Supreme Court of the United States ruled to strike down President Biden’s student debt relief program. This decision comes after several attempts from Congress to roll back student debt relief and end the payment pause in the last month as the national student debt total nears $1.78 trillion.
Striking down this relief program jeopardizes the financial security and success of young adults.
Due to student debt burdens, young adults are more likely to delay major milestones such as getting married, purchasing a home, and starting a family.
The student debt crisis has exacerbated racial wealth disparities, making it difficult for Black and families of color to maintain economic security, the pandemic has only made these injustices worse and cancellation even more necessary for student loan borrowers.
Following this ruling, repayments on student loans are set to begin this fall.
In response, Kristin McGuire, Executive Director at Young Invincibles said:
“Today the Supreme Court ripped relief away from forty million borrowers. Our disgraceful student debt crisis will continue unabated while young people struggle to build stable lives.
This decision is the latest shameful example of the Supreme Court choosing politics over people. President Biden’s debt cancellation is legal and essential for the economic future of young people. The Supreme Court is ignoring the sound legal standing of debt cancellation and playing with the future of millions of borrowers to uphold their political ideology – while punishing young borrowers in the process.
Blocking the student debt relief plan will have disastrous consequences. The racial equity gap will grow wider, young adults will continue to put off major milestones, and the economic security of borrowers is put on the line.
President Biden cannot give up on debt cancellation. This is too important and he must find a path forward to deliver the relief he promised.
This decision is devastating, but not the end of the road for debt cancellation. We must continue to pursue a fix to the unjust burden of student debt on young people.”
In response, Evan Quaintance, recent graduate of Howard University and Young Invincibles National Youth Advisory Board Member said:
“Student loan debt is one of the crises facing our nation… to the Supreme Court, President Biden, and to everyone else involved in this process, think of us; we are the people that will be deciding the future of our country, give us a chance to live the American Dream and bring in prosperity to our country. Student loan debt is a problem, and President Biden has given us a solution.”
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Young Invincibles (YI) is a national advocacy and policy nonprofit organization focused on amplifying the voice of young people in the political process at the local, state, and federal levels. YI focuses on issues impacting young adults ages 18 to 34 in higher education, health care, economic security, and civic engagement. Our offices include Washington, D.C., California, Colorado, Illinois, New York, and Texas. For more information, please contact Emma Bittner at (972) 510-3395 or emma.bittner@younginvincibles.org