FORT MYERS, Fla. — On the heels of the Supreme Court shooting down President Biden's student loan forgiveness program, he says Washington is looking to work around the rejection.
"16 million people had already been approved. The money was literally about to go out the door and then Republican elected officials and special interests stepped in. So we need to find a new way and we're moving as fast as we can," President Biden said.
The court came to a split decision, 6 - 3.
The plan would have given up to $10 thousand in loan relief to millions of borrowers across the country and up to $20 thousand for some with G.I. bills.
Many opposed to Biden's push for loan forgiveness find it an abuse of constitutional power.
Professor F. King Alexander teaches educational leadership at Florida Gulf Coast University. He says he believes the refusal will be consequential for everyone.
"If states had maintained their funding level, tuition would never have gone up this much. Students would not be looking at such debt, which means they may not have had to sign up for the student loan.
Alexander says he worries we will have a generation of renters and not buyers and says there will be less room to spend money in the economy if it's allocated to debt.
Repayments are set to begin in August.
