The cost of college education now is $250,000 compared to what it used to be. What we've also seen is because people are going to grad school to have an edge in the labor market, they're accruing a lot more debt as well. And then you're also seeing just from an economic standpoint, people struggling to afford their bills, that's bad for the economy.
President Biden’s plan to forgive federal student loan debt for millions of Americans has been frozen since a handful of Republican-led states sued to stop it. They argue the president doesn’t have the power to wipe away billions of dollars of debt on his own. It’s now up to the US Supreme Court to decide if they’re right.
Bloomberg Supreme Court correspondent Greg Stohr joins this episode to talk about the arguments on both sides, and where the 6-3 conservative majority might come down. And personal finance reporter Claire Ballentine explains what happens next for Americans with student debt if the court upholds Biden’s plan–or knocks it down.
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