Statement Condemning Supreme Court's Decision to Block Biden's Student Loan Cancellation Plan

As a research and policy center dedicated to restoring higher education's promise of upward mobility, we strongly condemn the Supreme Court's decision to block President Biden's student loan cancellation plan. This ruling will plunge millions of borrowers into uncertainty and anxiety as they face the resumption of payments in the Fall.

We are deeply concerned about the devastating impact this decision will have on struggling borrowers, many of whom were already defaulting before the repayment pause and the COVID economic crisis. The resulting problem of non-repayment and default will not only harm individual lives but also send shockwaves through the overall economy, impeding its recovery and growth.

The blocked cancellation plan represented a crucial opportunity to alleviate the undue financial burden placed on the most disadvantaged individuals, including people of color and low-income households, who have been denied the wealth premium that should accompany a hard-earned higher education degree. Moreover, for many, this crippling debt has led to non-completion of their degrees, perpetuating cycles of limited opportunities and deepening inequalities.

Despite this setback, viable options still exist. We call upon the Education Secretary to exercise their authority to create an immediate relief program through the rulemaking process for eligible borrowers. This program should provide swift support and alleviate the mounting anxieties surrounding the resumption of student loan payments.

Now more than ever, it is imperative for higher education leaders, policymakers, and decision-makers to collaborate on inclusive, accessible, and affordable college pathways. We must redouble our efforts to create a fair and equitable education system that addresses the deep-seated racial and socioeconomic wealth disparities prevalent in our society.

Hildreth Institute remains steadfast in our commitment to research and in elevating policies that empower individuals and restore the promise of upward mobility through higher education. We urge all stakeholders to join forces in overcoming this setback and building a future where educational opportunities are not hindered by insurmountable debt.