“Today’s ruling against the Biden-Harris Administration’s one-time student debt relief program is a significant blow to millions of borrowers, throwing their financial futures into uncertainty just as the pandemic payment pause is set to end. Policymakers must provide immediate help to those who were counting on this relief and support the administration’s ongoing efforts to strengthen borrower protections and reform the repayment system going forward.
“A college degree remains a strong vehicle for economic prosperity and financial security. But too often, our debt-financed higher education system exacerbates racial and economic inequities, rather than helping to reduce them. Student debt is particularly harmful to students of color. Due to the effects of systemic racism and labor market discrimination, Black students are more likely to borrow and more likely to default on their student debt, facing devastating consequences that can last for years.
“Students should not be required to mortgage their futures to earn a high-quality degree or credential. Until a debt-free degree is available to all, our higher education system will never deliver on its promise. Today’s decision underscores why we can’t wait any longer to build that future.”