The Supreme Court issued another bombing decision on Friday to strike down President Joe Biden’s student debt forgiveness plan.
While the nation’s highest court finally settled the hot button issue through this move, Americans remain sharply divided over whether or not to foot the bill.
In New York, many students grumbled after feeling like they’d missed out on a free degree, while Wall Street workers were relieved that their efforts to pay back their loans weren’t in vain.
“I think forgiving student loans is a two-sided coin,” says Matthew Polo, 19. “For everyone who receives (the money), there will be another person who worked that much harder to pay off their loan.”
The landmark SCOTUS decision ended Biden’s $400 billion plan to cancel $10,000 in debt for borrowers earning less than $125,000, and up to $20.00 for those with Pell Grants.
Matthew Polo, 19, described the student loan issue as ‘a two-sided coin’
From iconic Washington Square Park to the Financial District, DailyMail.com took to the streets of Manhattan to gauge reactions to the historic Supreme Court ruling.
For many New Yorkers, the verdict marked the end of their hopes of becoming debt-free at the stroke of a pen.
Others, however, argued that it was the system that plunged students into insurmountable debt that should have been replaced, rather than the government paying existing bills.
“You have to take the taxpayer into account,” continued Matthew, a student at the foot of the World Trade Center.
“It’s hard for those (who have paid off their debts), because they’ve put so much time and energy into it.
There’s clearly a societal benefit to empowering people who otherwise wouldn’t be able to get an education – I think it’s a matter of scale.
‘I don’t think there is a definitive answer, but as a student I have to keep thinking.’
Puja Mondal, 19, said she hopes a new plan will be introduced to help other struggling students
Thanks to a COVID pandemic freeze, millions of Americans have not had to pay back their loans for more than three and a half years.
But with borrowers restarting their payments in October and interest rates starting in September, students feel like they just missed out.
“For me as a student who does receive loans, I can understand the people who belong to a low-income minority who need this extra support for education,” added Matthew’s friend Puja Mondal, 19.
“The student loan forgiveness program should exist, it helps a lot of students like me and my family and friends going to college to give them a great career opportunity.
“I think if you’re going to end this program, you should have a replacement for those who are still in college and need help.
“But I definitely think refunds should exist,” she added. “But it’s a two-sided coin. There are pros and cons, and it’s something that needs to be talked out in order to get better.”
A recent college graduate and teacher admitted she was ‘looking forward’ to the loan waiver, but felt repayments were appropriate for repayments
One recent graduate, who didn’t give her name but said she recently became a teacher with her degree, admitted she was “looking forward to getting some sort of forgiveness” for her loans.
“The extra money would have helped,” she said, adding that she’s working through a plan to pay off her loans little by little. After personally trying to pay her debts, she would get “upset” to see others brushing them off for free.
“I would understand why other people would be upset,” she continued. “I think some kind of refund, some sort of compensation, would be nice.”
Her fellow graduate, who said he got by on a scholarship, added that student loan forgiveness may be necessary at this time because of America’s floundering economy.
He added: “People need help now, schooling is very expensive and it’s something they need to look at – both reducing student debt in general and helping people.”
Shane Morgan, 41, said he would feel ‘deep down with resentment’ if he paid off his loans before others let them wipe them for free
Shane Morgan, 41, speaking from Manhattan’s financial district, said if he paid off his debts when others had swept them away for free, he would “feel resentment deep down.”
Despite saying he would feel some bitterness if he paid his loans when others didn’t, Shane felt there were a number of benefits to approving the plan.
“It would help the greater economy as a whole,” he said. “It will keep people out of debt, which will result in more spending and a better economy for everyone.”
As a Canadian, Shane admitted that he “has no skin in the game,” but argued that the series of decisions the Supreme Court had to make since turning into a 6-3 Conservative supermajority meant it had “lost legitimacy.”
“The Supreme Court used to be the gold standard for judgment, but now I find it too partisan and political,” he added.
A University of Pittsburgh graduate said he was in favor of loan repayments even when others missed out, feeling that “just because you didn’t benefit from something good doesn’t mean other people can’t.”
Bruce Harrow lashed out at the for-profit college system, arguing that “we just shouldn’t have students coming out of school with thousands and thousands of dollars in debt”
A graduate of the University of Pittsburgh slammed the Supreme Court for its decisions as it turned into a conservative supermajority.
He added that even if he pledged thousands in refunds, he wouldn’t feel any resentment because “just because you didn’t benefit from something good doesn’t mean other people can’t.”
Speaking from New York’s Washington Square Park, Bruce Harrow denounced the system that leaves students with huge debts, which in turn threatens to push taxpayers to foot the bill.
“We just shouldn’t have students coming out of school with thousands and thousands of dollars in debt, it’s just ridiculous,” he added.
He said he personally knows people who are chained with $100,000 in debt, but felt that repayments should not be made because “the water is under the bridge.”
The Supreme Court has overturned President Joe Biden’s $400 billion student loan forgiveness plan in another bombshell decision. The judges ruled 6-3 against Biden’s controversial plan to wipe out the debts of about 20 million Americans
Joe Biden’s student loan forgiveness plan had been stalled in a legal battle since November
The opinions came as the Supreme Court made a series of decisive, conservative decisions as it entered the final day of its term.
In addition to canceling student loans, the judges, who are 6 to 3 in favor of conservative judges, also scrapped the historic affirmative action policy.
The decision effectively ended the university’s ability to use race as a consideration in admissions, in a case that drew opposition from Biden.
For student loan forgiveness, Biden’s plan would have wiped out $10,000 in debt for borrowers earning less than $125,000 and up to $20,000 for those with Pell Grants.
His plan would have cost taxpayers $400 billion, but it struggled through the legal system for months after it was initially halted in November.
The move was challenged by six Republican states and two borrowers, who argued that Biden should have sought congressional approval for a plan using significant tax dollars.
According to his majority, Chief Justice John Roberts agreed, saying the action “requires Congress to speak clearly before a Secretary of the Department (of Education) can unilaterally change large parts of the US economy.”