Satra D. Taylor, a student who borrowed $40,000 for her education, was hopeful that President Joe Biden’s program to cancel billions of dollars in student debt would reduce her loan by half.
However, the recent decision by the United States Supreme Court has dashed her hopes, leaving her responsible for the full amount.
The program aimed to alleviate the heavy burden of student debt, totaling over $400 billion, on lower and middle-income Americans.
While some borrowers would have been eligible for $20,000 in debt cancellation, the majority could have received $10,000.
Taylor expressed her disappointment, highlighting the unjust and inequitable nature of the higher education system.
She believes that pursuing higher education should be affordable and debt-free.
The Supreme Court’s conservative majority, evident in their recent decisions, including the ban on affirmative action, has left Taylor and other borrowers disheartened.
Mina Schultz, who borrowed approximately $65,000, emphasized the economic impact of student debt and how frozen loan repayments during the pandemic provided relief.
She would have benefited from $10,000 in debt cancellation. The decision not only affects individuals but also has far-reaching consequences for the entire economy.
Shanna Hayes, burdened with compounding interest that increased her debt from $130,000 to over $150,000, pleaded for a solution to the student debt crisis, which affects multiple generations.