Now that President Biden's student loan debt program has been canceled, here's what's next

Contributing sentiments towards policy:

68% : Just hours after the decision, President Biden announced a new effort to forgive student loans under the Higher Education Act of 1965.
57% : Any economic benefit that borrowers may have gotten from the suspension of student loan payments is likely to have already been absorbed into the economy over the past three years.
56% : For borrowers who are behind on their federal student loan payments, this program allows student loan borrowers to reset their loan so they won't be considered past due anymore.
53% : It is estimated that student loan borrowers pay about $70 billion a year on their federal student loans.
52% : That kills the president's proposed plan to forgive up to $10,000 in student loans per borrower for those with incomes under $125,000 per year, or $250,000 per year for couples.
50% : Student loan borrowers haven't had to make payments on their federal loans -- or accrue interest on those loans -- since March 2020, when the Trump administration put the payments on pause due to the COVID-19 pandemic.
49% : This reduction in spending on goods and services is estimated to reduce economic growth by about 0.4%When student loan borrowers begin to repay their loans in October, those dollars will no longer be available to pay for other things like food, rent, clothing or gas.
48% : Under the president's plan, those who received Pell Grants would have been eligible to cancel up to an additional $10,000 in student loans.
44% : In the majority opinion, Chief Justice John Roberts -- joined by his five other conservative colleagues -- stated "The HEROES Act allows the Secretary to 'waive or modify' existing ... financial assistance programs under the Education Act, but does not allow the Secretary to rewrite that statute to the extent of canceling $430 billion of student loan principal."
44% : With the resumption of student loan payments, there will likely be a small but negative impact on the economy.
34% : In Biden v. Nebraska, the court ruled 6-3 on June 30, 2023, that the secretary of education does not have the authority to forgive US$430 billion of student loans under the Health and Economic Recovery Omnibus Emergency Solutions Act.

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